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- Adjustments to the company’s records based on the hank reconciliation are required for: A. additions to the cash balance according to the company’s records. B. deductions from the cash balance according to the Company’s records. C. both A and B. D. neither A nor B.14.When a company has performed a service, but has not yet received payment, it would a. Debit Accounts Receivable and credit Revenue from Services. b. Debit Revenue from Services and credit Accounts Payable. c. Debit Revenue from Services and credit Accounts Receivable d. Make no entry until the cash is received.31) A liability created by the receipt of cash from customers in payment for products or services that have NOT yet been delivered to the customers is: (Hint: Which liability account?) Group of answer choices Recorded as a credit to a prepaid expense account. Recorded as a debit to an unearned revenue account. Recorded as a debit to a prepaid expense account. Recorded as a credit to an unearned revenue account.
- QB) Choose the correct answer: 5. Temporary accounts would not include: Select one: a. Depreciation expense. b. Salaries payable. c. Cost of goods sold. d. Supplies expense. 6. Operating cash outflows would include: Select one: a. Purchases of inventory b. Purchase of equipment. c. Purchase of investments. d. Repayment of bank loan.2. Unearned or deferred revenue can occur when a. services are provided prior to receipt of cash b. goods are sold on account c. services are provided after the receipt of cash d. goods are sold for cash29)Revenue is properly recognized: (Hint: What is Revenue Recognition principle?) Group of answer choices At the end of the accounting period. Upon completion of the sale or when services have been performed and the business obtains the right to collect the sales price. Only if the transaction creates an account receivable. When the customer's order is received.
- Under accrual accounting: Group of answer choices a)Revenue cannot be recognized until cash is received from customers b)Net income must be the same as the change in cash during a period c)Revenues are recognized in the period in which goods and services are provide to customers d)Expense cannot be recognized until cash is paid for goods or servicesn list on 1 ion 2 tion 3 K When does a company account for revenue if it uses cash basis accounting? A. when services are performed, even though cash may be received at a later date OB. when the services are being performed OC. before services are performed OD, when cash is received, either prior to, at the time of, or after the services are performedChapter 1 - Instruction #1 Indicate the effect of each transaction and the balances after each transaction. Enter deductions and negative values (withdrawals and expenses) as negative numbers. For transactions occurring on the same date, enter in the order shown above.
- 16 The Accounts Payable account: Multiple Choice has a normal credit balance. is increased by a debit. is an asset. is increased when a company receives cash from customers.Which sentence is incorrect? Select one: a. Cash-basis accounting is not in accordance with generally accepted accounting principles. b. In the Accrual-Basis Accounting, expenses are recognized when incurred. c. In the Cash-Basis Accounting, Revenues recognized when cash is received. d. According to the GAAP in Accrual-Basis Accounting, companies recognize revenues when they record cash receipts for their services.hen a company receives cash from customers before earning the revenue,----------------------will be credited.a. accounts receivableb. estimated cashc. unearned revenued. accounts payable