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please help me, i don't have textbook Received utility bill, to be paid next month, RM950. Journal entry for this transaction is... O Dr. Utilities
please help me, i don't have textbook
"Received utility bill, to be paid next month, RM950." Journal entry for this transaction is... O Dr. Utilities expense RM950; Cr. Cash RM950 O Dr. Account payable RM950; Cr. Cash RM950 O Dr. Utilities expense RM950; Cr. Account payable RM950 O Dr. Account payable RM950; Cr. Utilities expense RM950 Posting is performed by transferring information from ... O source documents to the ledger. O source documents to the journal. O journal to ledger ledger to journal. A ledger is a book containing... O journal in which the classified and summarized information from the trial balance is posted O accounts in which the classified and summarized information from the journals is posted. financial statements in which the classified and summarized information from trial balance is posted. o accounts in which the classified and summarized information from trial balance is posted. "Billed customers for services rendered, RM8,000." Journal entry for this transaction is... O Dr. Account receivable RM8,000; Cr. Service revenue RM8,000 O Dr. Cash RM8,000; Cr. Service revenue RM8,000 O Dr. Service revenue RM8,000; Cr. Cash RM8,000 Dr. Service revenue RM8,000; Cr. Account receivable RM8,000 To find a description of a transaction, one should look at the... O Subsidiary ledger O Journal O Chart of accounts O Ledger A company records a transaction in which six months' insurance is paid in advance. Which of the following journal entries records the transaction? O Dr. Prepaid Insurance; Cr. Cash O Dr. Insurance expense; Cr. Cash Dr. Insurance expense; Cr.Prepaid Insurance O Dr. Cash; Cr. Prepaid Insurance The following statements about accrual basis are correct except... O expenses are recognized when incurred. O revenues are recognized when earned O expenses incurred but not yet paid will be recognized in current accounting period. O revenues are recognized when payment is received. An account is an individual accounting record of... increases in a specific asset, liability, or owner's equity item. O decreases in a specific asset, liability, or owner's equity item. o increases and decreases in a specific asset, liability, or owner's equity item. O increases in asset, liability, or owner's capital item, Which of the following statements is false about a journal entry? It may have more than one debit or credit entry. O Credits are always indented. All debits are always listed before any credits. O Accounts that are increased are always listed first. When a company has performed a service but has not yet received payment, what is the required journal entry to be recorded? O No entry is required until the cash is received. O Accounts Receivable - Debit; Service Revenue - Credit O Account Receivable - Debit; Accrued Revenue - Credit O Service Revenue - Debit; Accounts Receivable - Credit. Based on rules of debit and credit, an decrease in assets and liabilities will be recorded as credit an increase in expenses and a decrease in liabilities will be recorded as credit an increase in assets and a decrease in liabilities will be recorded as debit O increase in revenue and withdrawal will be recorded as debit "Received RM3,000 in advance of performing a service." Journal entry for this transaction is... O Dr. Cash RM3,000; Cr. Service revenue RM3,000 O Dr. Service revenue RM3,000; Cr. Unearned revenue RM3,000 Dr. Service revenue RM3,000; Cr. Cash RM3,000 Dr. Cash RM3,000; Cr. Unearned revenue RM3,000 At the end of accounting year, closing entries will be prepared to close... assets accounts to trial balance. O all real/permanent accounts to Income summary. O all revenue and expense accounts to Income summary. withdrawal account to Income summary. The following are temporaryominal accounts except... all expense accounts O Owner's drawing account O all revenue accounts O Owner's equity account A ledger is a book containing... O journal in which the classified and summarized information from the trial balance is posted O accounts in which the classified and summarized information from the journals is posted financial statements in which the classified and summarized information from trial balance is posted. O accounts in which the classified and summarized information from trial balance is posted. "Billed customers for services rendered, RM8,000." Journal entry for this transaction is... O Dr. Account receivable RM8,000; Cr. Service revenue RM8,000 Dr. Cash RM8,000; Cr. Service revenue RM8,000 O Dr. Service revenue RM8,000; Cr. Cash RM8,000 O Dr. Service revenue RM8,000; Cr. Account receivable RM8,000 The accounting principle supporting reporting revenues and related expenses in the same period are... assets recognition and expense recognition principles. revenue recognition and expense recognition principles. O revenue recognition and matching principles. O revenue recognition and equity recognition principles. The first step in accounting process is... O Posting to ledger Journalizing transactions. Analyze transactions and source documents. O Prepare trial balance The following statements are correct about the trial balance except... O does not detect whether transactions have been omitted. O does not prove that the transactions were analyzed correctly. O proves whether the accounts are in balance. O proves that the transactions were recorded in the proper accounts. Examples of source documents are... O invoices, order notes, and credit notes O receipts, order notes, and purchase order O credit notes, invoice, and purchase order O purchase orders, order notes, and invoiceStep by Step Solution
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