Question 16 correct mark 100 out of 100 flag question

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Question 16 Correct Mark 1.00 out of 1.00 Flag question Question text Which of the following entries correctly records the receipt of an electricity bill from the power company? Select one: a. Dr Electricity Expense Cr Electricity Payable From the consumer's point of view, electricity has been consumed during the period but not paid for. Thus, the consumer must recognise the electricity expense and the associated liability because he/she has used up electricity and has a present obligation to pay the power company in the future. Hence the answer is A. b. Dr Electricity Payable Cr Accounts Payable c. Dr Accounts Payable Cr Electricity Expense d. Dr Accounts Payable Cr Utilities Payable Feedback The correct answer is: Dr Electricity Expense Cr Electricity Payable 17
Question Correct Mark 1.00 out of 1.00 Flag question Question text During 2016, a company makes credit sales of $500 000, of which $375 000 is collected at year-end. It pays $200 000 in expenses and owes $25 000
electricity used during 2016. Cash profit is: Select one: 18
Question Correct Mark 1.00 out of 1.00 Flag question Question text LPR is a company that commenced business on 1 January 2013. Below are the balances in the 30 June 2013 financial statements. $ Cash 1000 Share capital 6000 Accounts receivable 3000 Accounts payable 2000 Loan owed 7000 Land 10 000 Inventory 2000 Cost of goods sold 1500 Wages expense 2500 Sales 5000 What is the net profit for the period ending 30 June 2013? Select one:
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Question Correct Mark 1.00 out of 1.00 Flag question Question text If a transaction causes an asset account to increase, which of the following related effects may also occur? Select one:

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