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Accounts receivable represent the amount of cash owed to the company by its customers from the sale of products or services on account. A True False Question 12 2 Points Assets accounts increase with a debit and decrease with a credit. True B False Question 13 2 Points Liability accounts increase with a debit and decrease with a credit True B False Last Soved 11.0 0 Question 14 2 Points For each transaction, the total debit amounts must equal the total credit amounts. A) True B False Question 15 2 Points A journal provides a chronological record of all transactions affecting a firm True B False Question 16 2 Points According to the revenue recognition principle, if a company provides services to a customer in the current year but does not collect cash until the following year, the company should report the revenue in the current year A True B False Last saved 11 Question 17 Adjusting entries should be recorded belre financial statements are prepared. A) True B) False Question 18 What is the primary purpose of financial accounting? A Determine the amount of tax liability owed to the government. B Communicate business transactions to internal management. Measure business transactions and communicate those measures to external users to make decisions. Measure the profitability of the company in order to assist employees with making decisions. Question 49 2 Points Suppose a customer rents a vehicle for three months from Commodores Rental on November 1, paying $2,700 ($900/month). What is the journal entry recorded by Commodores Rental on Nov 1? Debit Prepaid rent $2,700, Credit Cash $2,700 B Debit Cash $2,700, Credit Prepaid rent $2,700 Debit Cash $2,700, Credit Deferred Revenue $2,700 Debit Cash $900, Credit Deferred Revenue $900 Question 50 2 Points Using the same Information in the question above, what is the adjusting entry recorded by Commodores Rental on December 317 A Debit Deferred revenue $1,800, Credit Service Revenue S1,800 Debit Cash $1,800, Credit Service Revenue 51,800 Debit Deferred revenue 51,800, Credit Cash $1,800 Debit Deferred revenue $1,800, Credit Accounts Payable $1,800 Last Soved 11:00-28