Answers only 22. Unearned income is recorded byan entity that *A. Pay money in advance beforeperformance of serviceB. Receive money in advance beforeperformance of serviceC. Pay money after performance of serviceD. Receive money during the performanceof service23. If a cash purchase of an officeequipment for P50,000 was debitedto office supplies expense by thesame amount, what effect thisjournalizing process error has in yourtrial balance? *A. The trial balance will be out of balanceB. The trial balance will be in-balanceC. It require correction in journal bookD. It requires correction in general ledger

Since you have asked multiple question, we will solve the first question for you. If you want any…

22. Unearned income is recorded by an entity that A. Pay money in advance before performance of service B. Receive money in advance before performance of service C. Pay money after performance of service D. Receive money during the performance of service

22. Unearned income is recorded by an entity that A. Pay money in advance before performance of service B. Receive money in advance before performance of service C. Pay money after performance of service D. Receive money during the performance of service

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 19MC: At what point does revenue recognition occur? A. When the purchase order is received B. When the...

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Market Efficiency

Market efficiency refers to the market's ability to provide investors with all available information about investment options for buying and selling securities. Market efficiency reflects the true value of securities without undervaluing or overvaluing them. When the quality and quantity of information increase, the market becomes more efficient, allowing it to reduce arbitrage and obtain higher market returns from investment. In a well-functioning market, everyone receives all information completely and immediately at no cost. It opens up a plethora of opportunities for investors to access various investment options.

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Answers only

22. Unearned income is recorded by
an entity that *
A. Pay money in advance before
performance of service
B. Receive money in advance before
performance of service
C. Pay money after performance of service
D. Receive money during the performance
of service
23. If a cash purchase of an office
equipment for P50,000 was debited
to office supplies expense by the
same amount, what effect this
journalizing process error has in your
trial balance? *
A. The trial balance will be out of balance
B. The trial balance will be in-balance
C. It require correction in journal book
D. It requires correction in general ledger

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