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.

Principles of Accounting Volume 1
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ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter5: Completing The Accounting Cycle
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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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