hich of the following transactions is recorded in the revenue journal? a. sale of excess office equipment for cash b. rendering services for cash c. rendering services on account d. sale of excess office equipment on account

Q: Which of the following is always recorded in the general journal? a. services rendered for cash b.…

A: General journal means a book of prime entry where entry is recorded at first point in chronological…

Q: What account will not be found in the trial balance of a company using cash basis of accounting? *…

A: As per the cash basis of accounting the transaction is recorded at the time of inflows or outflows…

Q: When, at the end of an accounting period, cash has been paid with respect to an expense, the…

A: When an expense is incurred and cash has not been paid ,expenses are increased and liability also…

Q: 2. Unearned or deferred revenue can occur when a. services provided prior to receipt of cash b.…

A: Answer: concept : Deferred revenue or unearned revenue refers to the money received by an…

Q: What is the normal balance for each of these accounts? equipment cash advertising expeense accounts…

A: All assets and expenses normally have debit balance and all liabilities and income have credit…

Q: Adjusting entries are needed to correctly measure the​ ________.       A. net income​ (loss) on the…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: The collection of accounts of Customer Alexander is recorded as a credit to the ledger of Customer…

A: This error is a self balancing error. One account is credited instead of other. It auto balances the…

Q: Using accrual accounting, revenue is recorded and reported only a.when the services are rendered…

A: As per Accrual Basis of Accounting, revenues and expenses are recorded as and when they incur…

Q: If a business purchased equipment on account, which accounts would be used? O equipment and unearned…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: The depreciation expense on equipment carried in the books of the home office but used by the branch…

A: When the head office transfers inventory, cash, and other assets to another location, it is said…

Q: Which of these is NOT a list of revenue expenditures? Rent, insurance, machine repair expense…

A: Revenue expenditure are those which are debited to the income statement & expensed off in the…

Q: If a journal entry includes a debit or credit to the Cash account, it is most likely which of…

A: A cash account, commonly referred to as a cash book, appears to be a ledger whereby all cash…

Q: TRUE or FALSE Revenue should be recorded in the period it is earned, regardless of the time the cash…

A: It is true or false questions.

Q: When using a manual accounting information system, which of the following transactions would be…

A: Journal : A journal is a book of original entry where all the monetary transactions in the form of…

Q: A company receives cash from a customer. The company does not perform the services the customer has…

A: 6) Correct option is 'Liability'   Reason :- Journal entry would be :- Cash (Dr)…

Q: Identify the entry below that records the purchase of office supplies on account. debit Office…

A: Office supplies refers to small items used by office of a company such as staples, paper, files etc.…

Q: True Or False? The entry to record a cash receipt from a customer when the service is to be provided…

A: This statement is False The entry to  a record a cash receipt from a customer when the service is to…

Q: e of an office building B. Depreciation of vehicles C. Maintenance of machinery D. Sales discount…

A: Income statement records income and expenses. It shows the net income or loss of a company for a…

Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…

A: Cash flows are the cash generated from the operation of the business organisation. In other words,…

Q: Is this true or false? When recording a cash transaction from a client for a service that will be…

A: Unearned revenue is a liability for which services are yet to be provided in the near future.

Q: When using a manual accounting information system, which of the following transactions would be…

A:

Q: 1. When an error is discovered after closing the nominal accounts, one of the accounts to be…

A: Ans. All the accounting treatments are based on principles of accounting. They are to be followed in…

Q: Which of the following transactions results in the recognition of an exp O Withdrawal of cash by the…

A: Solution 1: An Expense is the cost of operations that a business incurs to generate revenue. In…

Q: The consignee maintains an account called Consignment In. The following transactions will require a…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: When recognizing revenue, a company has a performance obligation when it agrees to receives cash…

A: Solution: When recognizing revenue, a company has a performance obligation when it agrees to…

Q: Determine the effect of the following errors on a company's total revenue, total expenses, and net…

A: Meaning of Rectification of Errors The procedure of revising mistakes is known as “Rectification of…

Q: Which of the following describes the transaction resulting in a journal entry with a debit to…

A: Salaries payable are debited when previously incurred salaries expenses are being paid now.…

Q: Revenue is earned when ​ ________.   A. the business has received cash from the customer   B. the…

A: The revenue recognition concept says that the business should recognize the revenue when the…

Q: If a business purchased equipment on account, which accounts would be used? equipment and unearned…

A: Introduction: Journals: Book of prime entries also called as Journal entries. Each and every…

Q: A company records cash received from clients in advance for legal services in Unearned Revenue. If…

A: Adjusting entry means where some adjustment need to be made at the end of specified period for…

Q: In simpler terms, revenue is the inflow of cash or accounts receivable that a business receives when…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Which of these transactions requires a credit entry to Revenue? A. received cash from services…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Required Given that prudence is the main consideration, discuss under what circumstances, if any,…

A: Accrual Basis of accounting refers to the accounting, where the transactions are recorded as and…

Q: external event that would be recorded as a transaction, an internal event that would be recorded as…

A: For the above transactions it would be classified as below :

Q: Under accrual accounting, revenue is recorded and reported only Group of answer choices A. when cash…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…

Q: Which of the following best describes an application of historical cost? A.Property is exchanged…

A: historical cost is the original cost of the asset as recorded in the entities accounts record this…

Q: 2. Unearned or deferred revenue can occur when a. services are provided prior to receipt of cash…

A: Under the new IFRS 15, the main focus changes from the income statement to the balance sheet, the…

Q: When, at the end of an accounting period, cash has not been paid with respect to an expense that has…

A: Financial statements are prepared at the year end so that position and performance of the company…

Q: Which of the following statements is characteristic of accrual basis accounting? Expenses are…

A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…