Falana receives payment for services performed in the amount of $3,147. This transaction O a. decreases Wage Expense. O b. increases Cash. O c. decreases Cash. O d. increases owner's equity.

A business renders services to a customer for OR16,000 on account. Which account is credited? Select one a. Accounts payable b. Cash c Accounts receivable d. service revenue CEA MYCe o o o o

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Based on the accrual accounting rule, the revenue is recognized when ___________ and the expense is recognized when _________________. Group of answer choices revenue is earned, expense is incurred cash is received, expense is incurred cash is received, cash is paid revenue is earned, cash is paid

An entrepreneur purchases advertising on credit. What is the effect on the financial statements?   Question 9 options:     Expenses decrease and accounts payable increase.     Expenses increase and accounts payable decrease.     Expenses decrease and accounts payable decrease.     Expenses increase and accounts payable increase.

Using accrual accounting, expenses are recorded and reported only a.if they are paid before they are incurred b.when they are incurred and paid at the same time c.when they are incurred, whether or not cash is paid d.if they are paid after they are incurred

Which of the following describe the Salaries payable account? (Check all that apply.)Which of the following describe the Salaries payable account? (Check all that apply.) Multiple select question. It is reported on the income statement. It is a liability account. It reports amounts owed to employees. It is increased with a debit. It is reported on the balance sheet. It is increased with a credit.

Which of the following best describes an application of historical cost? A.Property is exchanged with another business for services received. B.Transactions are valued in terms of the currency of the business’ country. C.An owner uses their personal cheque account to buy milk at the grocery store. D.A transaction is recorded based on the dollars exchanged at the time of the transaction. E.A sales transaction is recorded from the customer sales order.