Under the accrual basis of accounting, adjusting entries are a. not needed. b. only needed for expense accounts. c. only needed under the cash basis of accounting. d. recorded at the end of the reporting period. Which of the following statements regarding retained earnings is not true? a. The first item normally presented on the statement of stockholders' equity is the balance of retained earnings at the end of the period. b. The amount of dividends is added to net loss to arrive at the retained earnings ending balance. c. The retained earnings beginning balance is usually the retained earnings ending balance from the previous period. d. The amount of dividends is deducted from net income to arrive at the retained earnings ending balance. The cash basis of accounting records transactions a. only when cash is received or paid. b. when adjusting entries are needed. c. when revenues are earned. d. when the goods or services are completed. The journal entry to record $11,000 cash received for $12,000 services performed would include a a. credit to Fees Earned for $12,000. b. credit to Cash for $11,000. c. credit to Accounts Receivable for $1,000. d. credit to Accounts Receivable for $11,000