10/3/23, 6:19 PM
Umehani Huzefa Janoowalla's quiz history: 08.31 Ch 06 - 2
https://canvas.uh.edu/courses/3807/quizzes/58777/history?version=1
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08.31 Ch 06 - 2 results for Umehani Huzefa Janoowalla
Correct answers are hidden.
Score for this quiz: 3
out of 5
Submitted 31 Aug at 10:23
This attempt took 13 minutes.
1 / 1 pts
Question 1
A credit reporting agency offers new business customers the first personal
credit check for free if they guarantee “up front” that they will pay $100 for a
second credit check..
Shasta Inc. agrees to these terms on July 1, conducts its first credit check,
and pays nothing. On that date, the agency records a transaction that
includes an increase in:
a deferred asset account of $50. a deferred asset account of $100. a deferred liability account of $50. a deferred liability account of $100. 1 / 1 pts
Question 2
One day later, Shasta conducts its second credit check and pays the agency
$100. On that second day, the agency records a transaction that includes:
a credit to Revenue of $100. a credit to Revenue of $50.
