On December 15 of the current year, Conrad Accounting Services signed a $40,000 contract with a client to provide bookkeeping services to the client in the following year. Which accounting principle would require Conrad Accounting Services to record the bookkeeping revenue in the following year and not the year the cash was recelved? Multiple Choice Monetary unit assumpton Colng-concern assumption. Measurement (Cost principle. Business ertity assumpoion Revenue recognalon princlple. Contessa Company collected $42,000 cash on its accounts recelvable. The effects of this transaction as reflected in the accounting equation are: Multuic Choice Total assets decrease and equity increases Both total assets and total lisbilities docrease. Total assets total liabilites, and total equity are unchanged. Both total assets and equity are unchanged and isbilies increase: Total assets increase and equaty decreases. A bakance sheet lists: Musiple Choico The types and amounts of the revenues and expenses of a business. Only the information obout what happened to equity duting a time period The types and amounts of assets, Habilities, and equity of a business as of a specitic edate The infiows and outriows of cash during the perica. The aspts and labildes of a company but non the stockholders equay Doc's Ribhouse had beginning equity of $52,000, net income of $35,000, and dividends of $12,000. There were no stockholder investments during the yeat Calculate the ending equily. Mutigle Chaice. $(5,000) $29000 15.000 $99.000 $75.000 A law firm collected $3,000 in advance for work to be performed in three months. Which of the following general journal entries will the firm make to record this transaction? Nuttple Choice Debit Accounts Rece-vable, $3,000, credi Uneamed Legal Fees Revenue, $3,000 Debit Cash. \$3.000, eredt Unearned Legal Fees Reverne, $3,000 Debi Legal Fees Revenue, \$3,000, credit Accounts Recelvable, \$3,000. Debit Accounts Recelvabie, 53,000 , credit Legal Fees Revenve, 53,000 Debit Canh, 53.000, creds Accouets Receivable, 53.000