
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Classify the following into Assets and Liabilities.
(i) Bank balance (vii) Premises
(ii) We owe for goods (viii) Creditor for goods
(iii) Motor vehicle (ix) Loan from D Randle
(iv) Fixture and fittings (x) Cash in hand
(v) Loan from Pringle (xi) Owing to bank
(vi) Office machinery (xii) Debtor
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- Under the accrual basis of accounting - if cash has been received before the revenue has been earned, which of the following journal entries should be recorded? A) Debit Cash, Credit Unearned Revenue. B) Debit Cash, Credit Sales Revenue. C) Debit Unearned Revenue, Credit Cash. D) Debit Cash, Credit Accounts Receivable.arrow_forwardDo items reported as a credit memorandum on the bank statement represents (a) additions made by the bank to the company’s balance or (b) deductions made by the bank from the company’s balance? Explain.arrow_forwardWhen a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.arrow_forward
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