Homework Answers
Ans:
1.Ans:A.before the financial Statements are prepared
2.Ans:D.$10,000 is Correct answer-----
Ending balance in the Service Revenueaccount= $10,000
.
Explanation:
The amount received from customer on account previously recorded as
revenue is not revenue for current period and will not affect
service revenue balance.
The amount billed to customer in current period will be added to service revenue earned. The ending balance will be $10,000
3.
Ans:B.Assets Decrease by $11,000 and Liabilities Decrease by
$11,000
Explantion
When Accounts payable paid then entry is
Accounts payable debit and Cash is credit which leads to Assets Decrease because of cash credit by $11,000 and Liabilities Decrease becuase of accounts payable debit by $11,000
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