Act 105 quiz 2 - Part 1 of 1 Question 1 of 10 90.0 100.0 Points 10.0 10.0 Points A company received $600 for services performed in the current period

Act 105 quiz 2 - Part 1 of 1 Question 1 of 10 90.0 100.0...

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Part 1 of 1 - 90.0/ 100.0 Points Question 1 of 10 10.0/ 10.0 Points A company received $600 for services performed in the current period. What is the entry? A.Debit Cash for $600; credit Service Revenue for $600.B.Debit Accounts Receivable for $600; credit Cash for $600.C.Debit Cash for $600; credit Accounts Payable for $600.D.Debit Service Revenue for $600; credit Accounts Receivable for $600.E.None of the above. Answer Key: A Question 2 of 10 10.0/ 10.0 Points Stockholders’ equity is the term applied to which of the following? A.Amount of cash the stockholders invested in the company 10 years ago. B.Residual claim against the assets of the business after the total liabilities are deducted. C.Is also referred to as net worth. D.Residual cash of the business after the total liabilities are deducted. E.(b) and (c) are correct. Answer Key: E Question 3 of 10 10.0/ 10.0 Points The accounting cycle steps are all performed at the end of the accounting period. A. True B. False
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Answer Key: False Question 4 of 10 10.0/ 10.0 Points
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  • Spring '19
  • SMITH
  • Revenue, Generally Accepted Accounting Principles, credit accounts, credit Equipment

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