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10) A liability created when a business collects cash from customers in advance of providing services or delivering goods is called: a. Notes receivable. b.

10) A liability created when a business collects cash from customers in advance of providing services or delivering goods is called: a. Notes receivable. b. Unearned revenues. c. Capital. d. Revenues. 11) The Accounts Receivable account of Nuptials Inc. is shown below. Accounts Receivable 26,000 5.000 3,500 Calculate the ending balance of the account. a. $33,500, debit. b. $31,000, debit c. $3,500, credit d. $27,500, debit 12) A business purchased $3,500 of office supplies with cash. Which of the following sets of ledger accounts reflect the posting of this transaction? a. Office Supplies 3,500 b. Office Supplies 13,500 c. Office Supplies 13,500 d. Office Supplies 3,500 Accounts Payable 13,500 Cash 3,500| Accounts Payable 3,500 Cash 13,500 3

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