6) With the accrual basis of accounting, it is appropriate to recognize revenue from a credit sale

Group of answer choices

on the date of the sale.

on the date the account is collected in full.

each time a payment on an account balance is received.

either on the date of the sale or when the amount of the sale is collected.

7) Accrued income is income that has been

Group of answer choices

received but not earned.

earned but not received.

earned and received.

budgeted for the fiscal period.

8) Which of the following statements is correct?

Group of answer choices

On the worksheet, the amount of the ending merchandise inventory is shown in the Income Statement Credit column. and the Balance Sheet Debit column.

On the worksheet, the totals of the Income Statement columns should equal the totals of the Balance Sheet columns.

On the worksheet, if debits exceed credits in the Adjusted Trial Balance section, the difference represents a net loss.

All of the above statements are correct.

9) If an account has a debit balance of $700 in the Trial Balance section of a worksheet and there is a credit entry of $200 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is a

Group of answer choices

$900 debit.

$500 debit.

$500 credit.

$900 credit.

10) If an account has a credit balance of $700 in the Trial Balance section of a worksheet and there is a credit entry of $200 in the Adjustments section, the account balance in the Adjusted Trial Balance section of the worksheet is

Group of answer choices

$900 debit.

$500 debit.

$500 credit.

$900 credit.