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the current period, but not paid d) The cost of goods and services consumed for, are recognised expenses in a later period when cash is paid. oice, amounting Sugar Company agreed to pay her Barry Co, a customer of m the date of sales. What is the correct entry in Lemon Q14. a) Debit cash at bank $500, credit to accounts receivables S500 b) Debit cash at bank $500, credit to Sugar Company books to record the payment of invoice t to equity account $500. e Debit acc Debit accounts re s e e S500 credit to sales $500 The main difference between a service and a retail business that service businesses. a) Revenue is derived from the sale of services rather than goods b Q1s. enue is derived frol selling direcnyd goods converted from raw derived fr sal materials d) Revenue is derived by buying and selling in bulk. Prince Ltd's year-end trial balance includes the following accounts. Q16. II. Sales revenue III. Accounts receivable IV. Owner's capital V. Interest expense VI. Interest payable VII. Prepayments Which these are temporary accounts? and VII only h c) III and VI only d) III, VI, and VII only Before calculating the profit for the period, the totals of the income statement columns on the worksheet are: total debits $70 000 and total credits $60 000. The amount of the profit or loss is: a) $10 000 loss b) $10 000 profit c) $70 000 profit d) $60 000 profit Q17. Q18. The correct closing entry for sales income of $60 000 is: a) DR Sales income $60 000; CR Capital $60 000 b) DR Capital $60 000; CR Sales income $60 000 c) DR Sales income $60 000; CR Profit or loss summary account $60 000 d) DR Profit or loss summary account $60 000; CR Sales income $60 000 Which of the following statements is true? a) reversing entries are compulsory b) all accruals must be reversed Q19