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- Are transactions recorded on a fiscal‐year basis or a calendar‐year basis? Does it have to be one or the other; if so, why?True or false if a balance sheet is prepared between the date of declaration and date of payment, devidends payable accounts are reported as current liabilities.Suppose that at the end of the year there is an outstanding note receivable. The adjusting entry to recognize the interest to be paid has what effect on the accounting equation?
- How are open encumbrances at year-end reported in the financial statements?Using the allowance method, the effect on the current year’s financial statements of writing off an account receivable generally is to a. Decrease total assets.b. Decrease net income.c. Both a. and b.d. Neither a. nor b.a. Show the journal entry to record the uncollectible accounts. b. How much will the balance sheet show as the net realizable value of the accounts receivable
- Explain the importance of the date of service as it relates to Days in Accounts Receivable.Accounts receivable retention must be included in the calculations for the collection period? True or false. If true explain why? If False, explain why not?Show effects of the above transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year
