Multiple Choice
Tan Traders received a $750 advance payment from a customer for work to be carried out in the next accounting period.The accounting entry to initially record the $750 is:
A) Debit unearned income $750; credit bank $750
B) Debit bank $750; credit unearned income $750
C) Debit bank $750; credit creditor $750
D) Debit income earned $750; credit bank $750
Correct Answer:
Verified
Correct Answer:
Verified
Q4: The capital account of a sole trader
Q20: The excess of current assets over current
Q21: C_ l_ are obligations of the firm
Q22: Deferral type adjustments occur when cash for
Q23: The publishers of 'Guide to the Stock
Q24: It is correct that each balance day
Q27: On July 1 2011 the Pepper Diner
Q28: Under the _ basis of accounting,income is
Q29: Goodwill is classified in the balance sheet
Q30: The cash approach to profit measurement will