Accounts Receivable xxX Service Revenue Xxx performed a service and billed the c

Question

Accounts Receivable xxX Service Revenue Xxx performed a service and billed the customer B) performed a service and immediately received the cash X C) performed a service for a customer who had paid for the service ahead of time D) recorded the receipt of cash from a customer for services previously performed y I) The following journal entry affected the accounting equation by Cash Notes Payable A) decreasing liabilities and increasing owners' equity increasing assets and increasing liabilities C) decreasing assets and increasing owners' equity D) increasing liabilities and increasing owners' equity 12) What is the correct order of the steps in the accounting cycle? journal entries, unadjusted trial balance, post to the ledger, adjusting entries, adjusted trial balance, financial statements, closing entries, post-closing trial balance unadjusted trial balance, adjusting entries, adjusted trial balance, closing entries, financial statements, post-closing trial balance adjusted trial balance, closing entries, post-closing trial balance journal entries, post to the ledger, una usted trial balance, adjusting entries, adjusted trial balance, iournal entries adjusting eniries pos to al balance, fancial satements, financial statements, closing entries, post-closing trial balance 1 Which of the following accounts would be closed at the end of a period? A) Prepaid Expense B) Retained Earnings C) Unearned Revenue Sales Revenue 14) The purpose of the account payablesubsidiary ledgers is: A) Keep track of the various products being manufactured B) Monitor the balance in the various cash accounts at banks C) Identify the cash inflow expected from people who owe money to the company Identify individuals and companies who the company owes money The purchase discount lost accounts is used when with - The gross method is used and the discount is not taken. B) The gross method is used and the discount is taken. C) The net method is used and the discount is not taken. D) The net method is used and the discount is taken.

Explanation / Answer

ans 11 Assets are increase and liabilities are incraesed ans 12 Option D is correct Recording of Journal Post to the ledger Than prepare Unadjsuted trial balance Than pass adjusting entries Than prepare financial statements Than pass closing entries Prepare post closing trial balance ans 13 All the temporary accounts are closed at the end of period d) sales revnenue is closed ans 14 Option D It is the ledger which shows transaction and amount owed deprately to each supplier . ans 15 Option C the net method is used and discount is not taken When the net discount method is taken all transactions are recorded as if discount is taken.But when the payment is not made in time than the discount is lost, hence it is recorded

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