Question 26 (1 point) Summer Inc. has billed its clients for services performed in October. In November, the company receives payments from the clients. What entry will it make upon receipt of the payments? debit cash and credit service revenue Odebit deferred revenue and credit service revenue debit accounts receivable and credit service revenue debit cash and credit accounts receivable O Question 27 (1 point) At December 31, 2022 Gordon Inc's actual income tax for the year is $ 15,000. During the year Gordon Inc. has paid income tax instalments totalling $12,000 ($1.000 x 12 months). The remaining income tax balance is due on April 2023. Select the correct adjusting entry. Debit income tax payable and credit to income tax expense. Debit to income tax expense and credit to accounts payable. Credit to income tax expense and debit to income tax payable. Debit to income tax expense and credit to income tax payable Question 28 (1 point) The current ratio is determined by dividing current liabilities into current assets. The amount of working capital is determined by subtracting current liabilities from current assets. A company had $275,000 in current assets and $125,000. What would the company's current ratio be if they decide to pay $25,000 on accounts payable? 2.75 2.50 $175,000 2.20 Question 29 (1 point) The company purchases a two-month supply of office supplies on account. This transaction will be recorded as a debit to supplies inventory and a credit to accounts payable. a debit to cash and a credit to supplies expense. a debit to accounts payable and a credit to supplies inventory. O a debit to supplies expense and a credit to cash