Question
Dorman experienced an accounting event that affected its financial statements as follows: Assets = Liab. + Stk. Equity Rev. Exp. = Net Inc. Cash Flow
Dorman experienced an accounting event that affected its financial statements as follows:
|
| Assets | = | Liab. | + | Stk. Equity |
| Rev. |
| Exp. | = | Net Inc. |
| Cash Flow |
|
|
| + |
| NA |
| + |
| + |
| NA |
| + |
| + OA |
|
The general journal entry to record the event must have included
options:
| A debit to cash and a credit to accounts receivable. | |
| A credit to an asset account and a debit to a revenue account.
| |
| A debit to cash and a credit to revenue.
| |
| A debit to an asset account and a credit to unearned revenue. |
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Winning Your Audit
Authors: Holmes F. Crouch
1st Edition
0945339151, 978-0945339151
