Blueprint Problem: Adjusting Entries-Accruals During the accounting period, businesses record transactions as they occur. A business can use either cash basis accounting or accrual basis accounting. The revenue recognition principle is consistent with which type of accounting? Select You are the accountant for several small businesses that operate under accrual basis accounting. At the end of the accounting period, you are sure that all transactions have been recorded properly during the month. For each business, you prepare a trial balance that confirms the equality of the debits and credits Answer the following Does the equality of the trial balance mean that all of the expenses for the current period have been recorded? Select Before preparing the financial statements, will adjusting entries have to be recorded? Select There are two types of adjusting entries accruals and deferrals. You decide to record the accruals first. To record the accruals, you must collect certain data. What w you be looking for? a. Cash has been paid previously, but the expense recognition has not occur. b. Services that have been performed for a customer but for which the revenue has not been recorded C.Expenses that have been incurred but for which the expense has not been recorded d. Cash that has been received from a customer for services that have not yet been provided. Select the correct answer. Select Let's review the rules of debits and credits for the account types used for recording adjusting entries. Select the appropriate response for each debit and credit below