Which of the following transactions would be recorded if using the accrual basis ofaccounting but not if using the cash basis of accounting?a. Borrowing moneyb. Paying off loansc. Purchasing inventory on accountd. Collecting customer payments

Q: How would I figure out the adjusted trial balance sheet?  cash accounts receivable  equipment  etc

A: Explanation: The Ending Balances of all T-Accounts Transfer to Adjusted Trial Balance.

Q: A cash investment made by the owner should be recorded in the a. cash receipts journal b.…

A: Cash receipts journal, purchases journal, cash payments journal, and revenue journal are special…

Q: Which of the following does not appea in a statement of cash flows? * O Cash sales O Credit sales…

A: The cash flows statement shows the cash inflows and outflows during the year from operating,…

Q: hould I use cash-basis or accrual accounting for my accounting?

A: Solution Cash basis accounting               Cash basis accounting means the accounting system where…

Q: Which of the following accounts would be found in the Financing Activities section of the statement…

A: Statement of cash flows is one of the financial statement of business, which shows all cash inflows…

Q: A cash paid for a borrowing made earlier affects which of the following accounts? a. Cash and Notes…

A: Solution- Once you pay the full amount due, your account is paid in full. You have effectively…

Q: Which of the following items is not a specific account in acompany’s accounting records?a. Accounts…

A: Accounts receivable is the payment which the company will receive for the goods sold on credit from…

Q: Is the matching concept related to (a) the cash basis of accounting or (b) the accrual basis of…

A: Matching concept: Under matching concept the expenses and revenues are recorded in books of accounts…

Q: Under cash basis accounting, total purchases is equal to * A. cash purchases plus payments to trade…

A: Under cash basis accounting, total purchases are equal to cash purchases plus payments to trade…

Q: A "sale on account" results in a debit to: Accounts Receivable Cash O Capital Accounts Payable

A: Solution....     Sales on Account results in debit of ?

Q: Explain how the following may be ascertained from incomplete records:(a) Opening capital and closing…

A: Requirement a:   Ascertaining opening capital can be ascertained by preparation of a statement of…

Q: Which of the following would be classified as an investing activity on the statement of cash flows:

A: Cash flow Statement: It is one of the financial statements used by investors to know the movement of…

Q: What is the difference between the cash basis and the accrual basis of accounting?

A: The accounting is a process to identify the business transactions, record the transactions and…

Q: Which of the following statements about cash received prior to the recognition of revenue in the fi…

A: Cash received prior to the recognition of revenue in financial statement is prepaid income for which…

Q: What is the impact on the accounting equation when an accounts receivable is collected

A: The accounting equation refers to the equation of the balance sheet. It is based on the method of…

Q: What is the meaning of the term revenue? Does the receiptof cash by a business indicate that revenue…

A: Realization principle: It can be defined as a concept that is based on the rule that the revenue…

Q: nventories, cash and equivalents, and accounts receivables are listed as Select one: a.  Payments on…

A: Income statement consist of revenue and expenses summary. Balance sheet consist of assets and…

Q: Under the cash basis of accounting, revenue is recorded A. when realized. B. when earned. C.…

A:

Q: Which of the following is a method to generate cash from accounts receivable? a. Assignment b.…

A: Assignment of accounts receivable refers to the process where the account receivables are assigned…

Q: What does each of the following definitions refer to:    All aspects of the administration of cash,…

A: Current Assets are those assets which can be converted into cash within the accounting period or…

Q: difference between accrual and cash basis accounting

A: Accounting principle represents the rules and regulations for the company to be followed.

Q: accounting on cash basis

A: Accounting on cash basis is one of the two methods of accounting.

Q: Arrange the following items in current assets according to its liquidity:   A . Cash, Inventories,…

A: The company’s  generally  lists  the current assets according to its liquidity in order to  Knowing…

Q: If a company uses accrual-basis accounting O transactions are recorded in the period they occur…

A: The cash basis of accounting works on the method that only cash-related transactions are recorded,…

Q: Financial statements are prepared

A: Accrual accounting refers to a method of accounting in which the transactions are recorded when it…

Q: Which of the following entries for goods sold by cash is correct? a) Cash Dr, AR Cr b) AR Dr,…

A: Goods or services provided by the business can be sold for cash or on account. Cash sales are sales…

Q: Identify whether each of the following would be reported as an operating, investing, or financing…

A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…

Q: Instructions: Classify each transaction whether they are operating, financing or investing. After…

A: Statement of cash flows forms a part of financial statement of the companies and is prepared with a…

Q: Which of the following states that a transaction is not recorded in the books of accounts unless it…

A: The accounting system is based on various accounting principles.

Q: How does paying cash for purchase of supplies affect the accounting equation?

A: Accounting Equation is as follows: Assets = Liabilities+ Equity (Owner's funds) Each accounting…

Q: Which of the following items is known as the base for preparing the trial balance; Cash Account…

A: Trial balance includes both temporary accounts and permanent accounts. All expenses, losses, and…

Q: difference between the cash basis and accrual basis of accounting

A: In cash basis of accounting, receipts and payments are treated as income and expenses respectively.…

Q: Which of the following transactions affects both the income statement and the balance sheet? O…

A: The income statement is prepared to record the revenues and expenses of the current period and…

Q: Cash has a normal debit balance.  What does this mean in accounting?  Be specific and provide as…

A: Current assets are those assets that can be converted into cash within a year whereas noncurrent…

Q: Discuss the difference in Accrual and Cash Basis for accounting.

A: In this question, we are required to mention the difference between cash basis and accrual basis of…

Q: Which of the folowing is considereda financing activity when preparing the statement of cash flows?…

A: Introduction: Statement of cash flows: All cash in and out flows are shown in Cash flow statements.…

Q: Which of the following shows how paying cash to purchase supplies will affect a company's financial…

A: Day to day transaction are the basis for the preparation of Company's Financial Statements. If a…

Q: Where are cash equivalents disclosed in the financial statements?The _____________ account on the…

A: The Cash account on the balance sheet. Option B. is correct answer.

Q: On which financial statement would the ending balance of the account “accounts receivable” be…

A: Definition: Balance sheet: This financial statement reports a company’s resources (assets) and…

Q: For each account, identify whether the normal balance is a debit or credit a.Notes Payable…

A: Normal balance: Normal balance refers to the excess of amount on one side, over the amount on the…

Q: Which of the following account is debited when account payable is converted into note payable?…

A: Liabilities have a credit balance, So when liabilities converted then they should be debited.

Q: Which of the following statements is characteristic of accrual basis accounting? Expenses are…

A: Cash basis accounting: In cash basis accounting , revenue are recognized when payment is received…