UNIT 9 study guide - services) f. purchase of inventory...

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UNIT 9 1) Recognize each of the following activities, and identify the rights and obligations affected, and determine the effect on the income statement and balance sheet of a : a. sale of goods and services on credit b. collection of cash against an accounts receivable c. write-off bad debt d. receipt if cash for unearned revenue e. purchase of goods and services by cash or on credit (inventory, supplies, or
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Unformatted text preview: services) f. purchase of inventory which has passed the FOB shipping point, but not arrived in inventory g. prepayment or expenses (prepaids) in a prior period h. payment against an accounts payable i. accrual of expenses j. accrual of interest k. depreciation of plant, property, and equipment...
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This note was uploaded on 01/11/2012 for the course ACTG 241 taught by Professor Staff during the Fall '11 term at James Madison University.

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