Question

aces for a client in December. A e-transfer on January 5. The accounts appears on the balance 7. Richard Bains, a professional accountant, performed accounting services for a client in bill was mailed to the client on December 30. Richard received an e-transfer on Revenue recornition principle requires that which of the following accounts and sheet at December 31? a) Prepaid expense by Accounts receivable c) Unearned revenue d) Accounts payable $2.000 down payment and issuing a 8. A business acquires equipment costing $10,000 by making a $2,000 down paym note for the balance. This transaction will cause: a) Notes payable to be debited for $8,000 b) Cash to be credited for $8,000 - Equipment to be debited for $10,000 d) Equipment to be credited for $8,000 9. Purchasing supplies on account would include a: a) Debit to supplies and a credit to accounts payable b) Debit to supplies and a credit to notes payable c) Debit to supplies and a debit to accounts payable d Debit to supplies and a credit to cash 10. Unearned revenue has: a) Not been earned but the cash has been received b Been earned and the cash has been received c) Been earned but the cash has not been received d) Not been earned nor has the cash been received 11. The accounts that appear on a post-closing trial balance are: al Revenues, expenses, and capital b) Assets, liabilities, and expenses c) Assets, liabilities, and capital d) Assets, liabilities, drawings, and revenues

Answer 1

7. Accounts receivable

8. Equipment to be debited for $10000.

9. Debit to supplies credit to Accounts payable

10. Unearned revenue has: not been earned but the cash has been received.

11. Assets, liabilities, and capital.