..ooo T-Mobile 11:27 AM (* 73% uiz 1 1) Revenue is said to be earned when the bu

Question

..ooo T-Mobile 11:27 AM (* 73% uiz 1 1) Revenue is said to be earned when the business has: A) entered into an agreement with the customer about the goods or services to be delivered. B) passed a journal entry to record revenue. C) received cash from the customer before goods or services are delivered. D) delivered a good or service to the customer. 2) Two weeks earlier, a business had rendered services to one of its customers on account for which the payment was received today. Which of the following entries would be recorded if the company uses accrual basis accounting? B) Cash Service Rev 3) Which of the following entries would be recorded ifa company uses the cash basis method of accounting? Accounts Receiv B) D)

Explanation / Answer

1.D- Delivered a good or service to the customer 2.A---Cash 1000 Account Receivables 1000 3.D-- Rent Expense 1000 Cash 1000 (Expense is recognised when paid) 4.B---Accounts Receivables 1000 Service Revenue 1000 6. A -- 2000+x=8000+3000 x= $ 9000 7 .C-- 20000+600000-250000 = 370000 8. D ----3600/12*10=3000 9. A- Credit balance of $5000 4000+(300*20)-(250*20)=5000 Credit balance(Liability) 10. C- Debit Balance of $ 10000 Op.bal.5000+30000/6(forMarch)=10000Dr. 11. B-- Credit balance of 2000 (1000+1000) 12 B- asset;debit 13. C-Liability;Credit 14. D-Net Income will increase- as sales increases 15 .B--- Cash 16. C- Sandra Capital 17.D---Equipment 18 A.Revenue 19 40000+(120000-70000)-60000+x=80000 x= 50000 20. A-50000(120000-70000) 21D- monetary unit assumption 22. C- Cost principle 23. A- 65000 increase 200000-60000-75000=65000 increase 24. B --8000 34000+29000-x=55000 x= 8000 25. D-1400 2000-600=1400

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