Which of the following accounts would appear only in an accrual basis accounting system, and which could appear in either a cash basis or an accrual basis accounting system? (a) Common Stock, (b) Fees Earned, (c) Accounts Receivable, (d) Land, (e) Utilities Expense, and (f) Wages Payable.
Which of the following accounts would appear only in an accrual basis accounting system, and which could appear in either a cash basis or an accrual basis accounting system? (a) Common Stock, (b) Fees Earned, (c) Accounts Receivable, (d) Land, (e) Utilities Expense, and (f) Wages Payable.
Chapter5: Completing The Accounting Cycle
Section: Chapter Questions
Problem 1PB: Identify whether each of the following accounts would be considered a permanent account (yes/no) and...
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- Which of the following accounts would appear only in an accrual basis accounting system, and which could appear in either a cash basis or an accrual basis accounting system? (a) Common Stock, (b) Fees Earned, (c)
Accounts Receivable , (d) Land, (e) Utilities Expense, and (f) Wages Payable.
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