Indicate whether each of the following would be reported in the financial statements as a (a)...

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Indicate whether each of the following would be reported in the financial statements as a (a) current asset, (b) property, pl

The revenue recognition principle a. states that revenue is not recorded until the cash is received Ob. determines when reven

business accounting

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Answer 1

Answer #1

Question 1

Truck -- Property, Plant, and equipment

Accumulated depreciation -- Property, Plant, and equipment

Telephone expense -- Expense

Fees earned -- revenue

Wages payable -- Current liability

Prepaid Insurance -- Current asset

Office supplies -- Current asset

Dining expense -- expense

Unearned rent -- Current liability

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Question 2

The revenue recognition principle

Answer: b. determines when revenue is credited to a revenue account

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Answer 2

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p. Indicate whether each of the following would be reported in the section of financial statements...