Chapter 1.2, Problem 1OYO

Identify whether each of the following transactions, which are related to revenue recognition, are accrual, deferral, or neither. A. sold goods to customers on credit B. collected cash from customer accounts C. sold goods to customers for cash D. collected cash in advance for goods to be delivered later

When fees are earned and the customer promises to pay later, which account is debited? (a) Cash (b) Accounts Receivable (c) Accounts Payable (d) Capital

For the following accounts indicate whether the normal balance is a debit or a credit. A. Unearned Revenue B. Interest Expense C. Rent Expense D. Rent Revenue E. Accounts Payable F. Cash G. Supplies H. Accounts Payable I. Equipment J. Utilities Expense

If a journal entry includes a debit or credit to the Cash account, it is most likely which of the following? A. a closing entry B. an adjusting entry C. an ordinary transaction entry D. outside of the accounting cycle

Explain how the accounting equation organizes financial information using T-accounts and debits and credits.

Consider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenue

Which among the following are transactions that are settled by immediate cash payment and cash receipts. a. credit transactions b. cash transactions c. accounts d. financial statements What is the amount to be collected by the business from customer who receive the product or services with a promise to pay after some time? a. Supplier b. Creditor c. Accounts payable d. Accounts Receivable Expenses unpaid at the end of a given accounting period is known as _______. a. Bank overdrafts b. Accounts payable c. Unearned revenues d. Outstanding expenses When banks allowed the business to withdraw money even when the account has no funds is known as _______. a. Outstanding expenses b. Accounts payable c. Bank overdrafts d. Unearned revenues Which of the following basis of accounting realises revenue for part of the work completed ? a. Non Cash basis b. Cash Basis c. Production Basis d. Accrual Basis

Which of the following pairs of accounts are impacted the same with debits and credits?A. Cash and Unearned Service RevenueB. Electricity Expense and Office SuppliesC. Accounts Receivable and Accounts PayableD. Buildings and Common Stock

When cash is paid for rent, Rent Expense is ____. a. increased by a debit b. decreased by a debit c. increased by a credit d. decreased by a creditAnswer the question and explain why did you pick this answer