GEN CMB LL FND FINCL ACCT; CNCT 5 2016
5th Edition
ISBN: 9781259678479
Author: PHILLIPS
Publisher: MCGRAW-HILL CUSTOM PUBLISHING
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Textbook Question
Chapter 4, Problem 3MC
When a concert promotions company collects cash for ticket sales two months in advance of the show date, which of the following accounts is affected?
- a. Accounts Payable
- b.
Accounts Receivable - c. Prepaid Expense
- d. Deferred Revenue
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A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. Which of the following statements is true?
Group of answer choices
a)Cash will be reported on the statement of cash flows for the month of November
b)Revenue will be recorded and reported on the income statement for October
c)A liability will be reported on the balance sheet at the end of October
d)A prepaid asset will be reported on the balance sheet at the end of October
None of the above is correct
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Chapter 4 Solutions
GEN CMB LL FND FINCL ACCT; CNCT 5 2016
Ch. 4 - Prob. 1QCh. 4 - Explain the relationships between adjustments and...Ch. 4 - Prob. 3QCh. 4 - Prob. 4QCh. 4 - What is a contra-asset? Give an example of one.Ch. 4 - Explain the differences between depreciation...Ch. 4 - What is an adjusted trial balance? What is its...Ch. 4 - On December 31, a company makes a 59,000 payment...Ch. 4 - Using the information in question 8, determine the...Ch. 4 - Using the information in question 8, prepare the...
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