1)The advance cash receipts of future revenues are called ________.

Select one:

A.deferred expenses

B.deferred revenues

C.accrued revenues

D.accrued expenses

2)Under the perpetual inventory system, when a wholesaler returns the goods purchased on account, the ________ account is credited.

Select one:

A.Accounts Receivable

B.Accounts Payable

C.Merchandise Inventory

D.Cost of Goods Sold