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I would like to have detailed explaination for these questions, I am not sure why I am wrong Question 18 In closing off the accounts
I would like to have detailed explaination for these questions, I am not sure why I am wrong
Question 18 In closing off the accounts the balance in the Service Revenue account will be Selected Answer: D. debited to the profit and loss account Answers: A. credited to the profit and loss account. debited to the retained earnings account. B. c. transferred to the balance sheet. D. debited to the profit and loss account. Question 22 X The amount of revenue recognized in the profit and loss statement by a company that sells to customers would be Selected Answer: c. the total sales minus the beginning amount of accounts receivable Answers: the total sales, both cash and credit sales, for the period A. B. the amount of cash collected plus the beginning amount of accounts receivable c. the total sales minus the beginning amount of accounts receivable D. the cash collected from customers during the current period Question 24 The amount of rent expense reported on the income statement is Selected Answer: D. the amount of cash paid for rent during the current period Answers: A. the amount of rent used up during the current period to earn revenue B. the amount of cash paid for rent in the current period less any unpaid rent at the end of the period can increase in net income D. the amount of cash paid for rent during the current periodStep by Step Solution
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