Question

12. Under the new method of accounting, service revenues are reported on the income statement in the period in which an agreement is made on cash is received the services are performed 13. A sale is made with credit terms that allow the customer to pay in 30 days. Under the accrual method of accounting the account to be credited at the time of the sale is Accounts Receivable Cash Sales 14. When the company receives the money from its customer that was billed in the prior month, the company should debit Accounts Receivable Cash Sales moon 15. The account Sales is almost always debited credited oslo bodo n on obvog most be 16. The account Accounts Payable is expected to have this type of balance. credit debit Dono 17. The account Unearned Revenues is expected to have this type of balance. debit credit 18. When a company pays a supplier the amount owed on a previously recorded purchase, Accounts Payable will be debited credited odmood 19. Revenues will cause a company's total amount of owner's equity or stockholders' equity to Increase decrease 20 When a company pays a portion of its Accounts Payable, the total amount of its owner's equity or stockholders' equity will increase decrease not change 21. Assets = Liabilities + Stockholders' Equity is known as the basic accounting equation principle statement 22. The account Retained Earnings will be included in which side of the accounting equation 2 left right For personal use by the original purchaser only. Copyright Accounting Coach.com

Answer 1

	12	the services performed
	13	Sales
	14	Cash
	15	credited
	16	Credit
	17	Credit
	18	Debited
	19	Increase
	20	Not change
	21	equation
	22	Right
	23	An increase liability and a decrease in stockholder's equity
	24	Debit
	25	balance sheet accounts
	26	TRUE
	27	Interest on an existing loan even it will not be paid unitl next year
	28	December
	29	Retained earnings
	30	TRUE

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