FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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A cash sale of services to a customer, worth $300, was recorded only as a credit to R. Burton, Capital of $300, and the cashier pocketed the money.
What SHOULD the transaction have looked like?
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- What is definition of record cash received from a customer for which Services have not been provided ? would it be accrued expenses, accrued revenues, prepaid expenses or unearned revenuesarrow_forwardWhether a customer uses cash, a check, or a debit card to make a purchase, the company records the transaction as a cash sale. True or Falsearrow_forwardUnder the accrual basis of accounting - if cash has been received before the revenue has been earned, which of the following journal entries should be recorded? A) Debit Cash, Credit Unearned Revenue. B) Debit Cash, Credit Sales Revenue. C) Debit Unearned Revenue, Credit Cash. D) Debit Cash, Credit Accounts Receivable.arrow_forward
- Which side of the cash book records cash paid? a) Debit b) Credit c) Both sides d) None of the abovearrow_forwardWhen goods are delivered after an advance receipt of cash, Unearned Sales Revenue is debited. Cash is debited. Unearned Sales Revenue is credited. Sales Revenue is debited. choose the correct ansarrow_forwardWhen a company records a bank deposit, it will: O A. credit the Cash account on the company's books. O B. debit the Accounts Receivable account on the company's books. OC. debit the Cash account on the company's books. O D. credit the Accounts Payable account on the company's books.arrow_forward
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