This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: $900 4. LMN experienced an accounting event that affected its financial statements as follows Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow + NA + + NA + + OA The general journal entry to record the event must have included a. A debit to an asset account and a credit to unearned revenue. b. A credit to an asset account and a debit to a revenue account. c. A debit to cash and a credit to revenue. d. A debit to cash and a credit to accounts receivable. 5. ABC Company experienced an accounting event that is recorded in the following T-accounts: Cash Unearned Revenue 5,000 5,000 Which of the following reflects how this event affects the companys financial statements? Assets = Liab. + Equity Rev. Exp. = Net Inc. Cash Flow a. + + NA NA + + FA b. + + NA NA NA NA + OA c. + NA + + NA + + OA d. + + NA NA NA NA + FA 2PTS BONUS QUESTION Closing entries are journalized after the financial statements are prepared. True False...
View Full Document
This note was uploaded on 04/01/2008 for the course ACIS 2115 taught by Professor Jayardley during the Spring '07 term at Virginia Tech.
- Spring '07