Company A complies with GAAP accounting and receives a payment in April for services to be performed in May. In April, this transaction would affect which balance sheet accounts? Assets Liabilities Owners' Equity In April Company A received payment for services to be performed in May. This is an example of which of the following? Deferred revenue Deferred expenses Accrued revenue Accrued expenses In May Company A incurred utility expenses of $100 and will receive an invoice in June. This is an example: Deferred revenue Accrued revenue Deferred expense Accrued expense Company A receives payment in April for work to be done in May. What is the journal entry when the work is completed in May under GAAP? Debit cash and credit revenue Debit cash and credit unearned revenue Credit unearned revenue and debit revenue Debit unearned revenue and credit revenue The is a list of every account and their balance as of a certain date and is used to prepare the financial statements? A A company spends $1,000 to buy prepaid supplies. What is the journal entry to record this transaction? Debit cash and credit prepaid supplies Debit supply expense and credit cash Debit prepaid supplies and credit cash Debit cash and credit supply expense Financial accounting is primarily directed to which of the following groups: Investors Managers Employees Business owners