Chapter 3 Lecture Notes.docx - Exam \u2013 35 multiple questions 5 written questions Deferred revenue a LIABILITY Prepaid rent paid before using(asset

Chapter 3 Lecture Notes.docx - Exam – 35 multiple...

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Exam – 35 multiple questions & 5 written questions Deferred revenue a LIABILITY Prepaid rent paid before using (asset) Debits : Assets Dividends Expenses Credits: Liabilities Stockholders Equity Revenues Revenues are reported when they are provided!!! Expenses are reported use it up!! Wages Expense is an expense on the income statement; a liability on the balance sheet Sales revenue has a normal credit balance b/c it is a revenue Net income is found on the statement of retained earnings and at the bottom of an income statement The Account Receivable T-account will have collections of sales made on account If a company debits Cash and credits Sales Revenue, it is recording the sales of goods to a customer for cash Operating Cycle the period from buying goods and services through to collecting cash Q:Which of the following statements is true about an unadjusted trial balance? A: It lists the balance of each account to check the equality of total debits and credit.
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