3 points Under the accrual basis of accounting Revenues are recognized when performance obligations are satisfied Expenses are recognized when incurred, even if cash was not paid. Expenses must be matched against the revenue produced All of the choices are correct. 7 . 3 points Entity H purchased a two year insurance policy for $2,400 on February 1,2024 . Entity H initially records prepaid expenees as assets What is the correct adtuting entry fot the year? A new business will purchase equipment to begin. The purchase of oquipment is classified as a (an): Financing activity. Non-cash investing and financing activity. Investing activity. Operating activity. 3 points Entity I purchased a new copier for $12,000, paying $3,900 down and signing a promissory note for the batance, The entry to rocord this transaction. is a compound entry includes two debits to Equipment includes a debit to Cash and Notes Payable requires two pairs of entries, one for the cash down payment and another for the