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Question 16 5 pts Which of the following entries would be made as the result of the revenue recognition principle? O Dr. Salaries Expense
Question 16 5 pts Which of the following entries would be made as the result of the revenue recognition principle? O Dr. Salaries Expense 1,000 CR. Accounts Payable 1,000 Dr. Service Expense 1,000 Cr. Service Revenue 1,000 Dr. Accounts Receivable 1,000 Cr. Service Revenue 1,000 O Dr. Depreciation Expense 1,000 CR. Accumulated Depreciation 1,000 Question 17 5 pts Classic Artists' Services signed a contract with a maintenance service company to maintain a building that Classic will use for office purposes. The contract states that the work will begin work on February 1 and end on May 31. Classic Artists' will pay the maintenance service company $16,000 at the end of May. It accrues Maintenance Expense at the end of every month. What is the balance in the Accounts Payable account for amounts owed to the maintenance service company at the end of March? Credit balance of $8,000 O Debit balance of $16,000 O Credit balance of $16,000 O Debit balance of $8,000
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