THE UNIVERSITY OF ZAMBIA

SCHOOL OF BUSINESS

ASSIGNMENT: ONE FINACIAL ACCOUNTING

NAME: BRIDGET MUSHITALA MULAISHI

 QUESITON ONE

Accounts receivable it has debit and credit entries and normal debit balance.

Account receivable is usually a debit balance but, in some cases the balance can be credited too. For
instance, sales that are given to a customer on credit the amount that the organization will receive will
be shown has a debit balance, on the asset side but if they received the amount ahead the amount
received can be entered as a debit balance.

Accounts receivable is the amount that the organization can given by the third part toward the goods
sold or loaned by an organization

Accounts receivables are considered has assets in the balance sheet of an organization and has a normal
balance as current assets in an organization’s balance sheet. (Www. Beginners-bookkeeping.com)

Commissions earned it has credit entries only and normal credit balance.

Commission earned income is the amount that the organization has earned in line with the exchange of
transaction, sale of a product or service that has been provided by an organization.

Under the cash basis of accounting, you must take note and record a commission when it has been paid
as a credit to the cash account on a debit on the commission expense account (beginners-
bookkeeping.com)

Notes payable it has both debit and credit entries and normal credit balance

Note payable are debts that are established by the company using promissory and this the name of an
account that a bookkeeper of accountant uses when documenting the borrowed money.

Note payable can be classified as current of non-current account according on how long the loan will be.
Note payable and accounts payable are two different because note payable depends on written
promissory notes and account payable does not depend on it. (study.com)

Patricia Mayer Capital It has credit entry only and normal credit balance only.

Patricia Mayer capital is an equity account. (coursehero.com)

Rent Revenue It has credit entries only and normal credit balance.

Rent Revenue is a revenue making income statements accounts. (coursehero.com)

Wages expense It has debit entries and normal debit balance.

Wages Expense The salaries and wages expense are paid to the employees for the service they have
rendered to the company. (www.freshbooks.com)

Account Payable they have debits and credit entries and normal credit balance.
Account Payable is one type of liabilities account it stays on the credit side part of the trial balance as a
normal balance. It is the amount of money that an organization owe to the supplier for the good and
services that they have performed without getting paid. This account payable only appears under the
capital basis of accounting. (accountguide.com)

QUESTION TWO

Cash it has debit and credit entries and normal debit balance.

Cash is an asset account; a cash account or book account are the same as ledger in which all cash
transaction must be recorded.

A cash account is also like a brokerage account which requires that all transactions must be payable in
full amount on the date that they have agreed. (Investopedia)

Del Robison Drawing it has debit entries only and normal debit balance.

A drawing account is an accounting record that maintains and tracks the money that is withdrawn from
a business by the account owners. A drawing accounts is used mainly to business that taxed as sole
proprietorship or partnership. (Accounting guide.com)

Miscellaneous expense they have debit entries only and normal debit balance. Miscellaneous expenses
are array of tiny transaction that are so called within the ledgers ‘s specified accounts. (Orate finance
institute.com)

Insurance Expense it has debit entries only and normal debit balance.

Insurance expense is the amount of money that the company pays to get an insurance contract and any
other additional premium payments. (Accounting tools)

Fees earned as credit entries only and normal credit balance.

Fees Earned is a revenue account which also shown in the revenue section at the top of the income
statement, this fee earned is mostly used in service industry where it contains billings for such service as
tax consulting. (Accounting tools)
Reference

Investopedia.com

Fresh books.com

Study.com

Beginner’s bookkeeping. com

Coursehero.com

Accounting guide.com