Unformatted text preview: c. A debit of $100 to Accounts Receivable is posted as a debit of $100 to Accounts Payable d. A transposition error when transferring the debit side of a journal entry to the ledger 4. On October 1, Frank’s Firewood receives an order from Wilderness Hotel for 10 cords of firewood for $3,000. Frank’s Firewood delivers the firewood on October 7 and bills Wilderness Hotel on October 9. Wilderness Hotel pays Frank’s Firewood on October 21. According to GAAP, when does Frank’s Firewood recognize the revenue of $3,000? a. October 1 b. October 7 c. October 9 d. October 21...
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This note was uploaded on 01/17/2009 for the course ACC 211 taught by Professor Bunch during the Fall '08 term at SUNY Albany.
- Fall '08
- Trial Balance