Which of the following statements is TRUE? * A business should credit Revenue when the business receives a donation. A business should not debit Drawings unless the owner takes out Cash for personal use. O Beginning Equity + Net Income + Drawings = Ending Equity Revenue should be credited when a service is performed for a customer even if the customer isn't going to pay until later.

1-      What is the difference between online sales and cash sales? 2-      If you are a business owner, what do you briefer cash sales or online sales?

Recorded credit sales. Select the accounts) that would be debited and credited when recording the above transaction. If a second debit or credit does not apply, select "None" as a match. Debit = ? Credit = ? Options: Note Payable Accounts Receivable Salaries Expense Supplies Paid in Capital Common Stock Sales Revenue Salaries Payable Prepaid Insurance Unearned Revenue Cash Interest Expense Insurance Expense Supplies Expense Common Stock Equipment Accounts Payable Note Receivable

When a business receives an unpaid electricity account, it should: Select one or more: a. debit Accounts payable and credit Electricity expense. b. make no entry until the bill is paid. c. debit Electricity expense and credit Accounts receivable. d. debit Electricity expense and credit Accounts payable.

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.

Which of the following is the entry to be recorded by alaw firm when it receives a payment from a new client thatwill be earned when services are provided in the future?a. Debit Accounts Receivable; credit Service Revenue.b. Debit Unearned Revenue; credit Service Revenue.c. Debit Cash; credit Unearned Revenue.d. Debit Unearned Revenue; credit Cash

True or false: An owner of a small business usually knows if the business is receiving the assets and services the company paid for.

Just answer true or false. no need for an explanation