2. When should an expenditure be recorded as an asset rather than an...
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Accounting
| 2. | When should an expenditure be recorded as an asset rather than an expense? (2 criteria) |
| 3. | What are three types of errors that a trial balance will NOT reveal? |
| 4. | Explain why stockholders equity is affected by all revenues, expenses and dividends, but NOT by all cash receipts. |
| 5. | If Bennington, Inc. makes a payment to another company in advance of receiving a product or service, the company receiving the money will make a journal entry to record unearned revenue. How will Bennington record that same payment on its books? |
| 6. | Pappy Corporation receives cash of $36,000 on September 1, 2017 for one years rent in advance. a) What journal entry should Pappy make to record the receipt of the $36,000? b) What journal entry should Pappy make on December 31, 2017? |
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