1. Bad debts are recognized on both accrual and cash basis of accounting. True of False? 2. Adjusting entry is required to comply with the generally accepted accounting principles regarding revenue recognition and matching principle. True or false? 3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. O
1. Bad debts are recognized on both accrual and cash basis of accounting. True of False? 2. Adjusting entry is required to comply with the generally accepted accounting principles regarding revenue recognition and matching principle. True or false? 3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. O
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 8TP: Analyze Trusty Companys trial balance and the additional information provided to determine the...
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3. The company uses asset method to record payment for annual insurance amounting to P12,000.00. On February 1, 2021, the bookkeeper entered it in the books as (DR) Insurance Expense and (CR) Cash.
a. Transposition
b. Transplacement
c. No error
d. Error of Omission
e. Error of account titles
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