QUESTION 12 Which of these statements about the accrual basis of accounting is true? Revenues are only recorded when cash is received. The accrual basis of accounting is not required by generally accepted accounting principles. Expenses are only recorded when cash is paid. The accrual basis of accounting requires adjusting journal entries. QUESTION 14 Topper and Associates a public accounting firm, prepared the November, 2019 nano tem for a chant on December 15, 2010 and maled the client a $1,000 invoice on the same day. The client received the $1,000 invoice on December 20, 2019. The cont mailed a check for $1,000 to Topper and Associates on January 3, 2020. The $1,000 check was received by Topper and Associates on January 7, 2020. # Topper and Associates uses the occrual basis of accounting, then on which dore should the $1,000 be recorded as revenue by Topper and Associates? January 3 January 7. December 15 December 20 QUESTION 16 Big Red, Inc. has total assets of $950,000, common stock $200,000; and retained earnings of $450,000. Use the accounting equation to calculate total abilities: $750,000 $1,600,000 $650,000 $300,000