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I need help in solving these. Thank you ! 22) An account will have a debit balance if: A) the account has more debit entries
I need help in solving these. Thank you !
22) An account will have a debit balance if: A) the account has more debit entries than credit entries. B) it is a liability account. C) the amount of the debits exceeds the amount of the credits. D) the amount of the credits exceeds the amount of the debits. 23) On December 15, 2017, a company receives an order from a customer for services to be performed on December 28, 2017. Due to a backlog of orders, the company does not perform the services until January 3, 2018. The customer pays for the services on January 6, 2018. The revenue principle requires the revenue to be recorded by the company on: A) December 15, 2017 B) December 28, 2017 C) January 3, 2018 D) January 6, 2018 4 24) A company started the year with $300 of supplies. During the year the company purchased additional supplies costing $1800. There were $1000 of supplies on hand at the end of the year. An adjusted trial balance, prepared at the end of the accounting period, will show the following balance in Supplies Expense: A) $700. B) $1100 C) $1800. D) $1000. 25) If adjusting entries are not prepared, which financial statements are misstated? A) income statement only B) income statement, balance sheet and statement of retained earnings C) statement of retained earnings only D) balance sheet onlyStep by Step Solution
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