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  3. 5. total debits must equal total credits. this is

5. Total debits must equal total credits. This is the basis of... a. an income...

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Accounting

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5. Total debits must equal total credits. This is the basis of... a. an income statement. b. an earnings statement. c. a profit and loss statement. d. double-entry bookkeeping. 6. Which of the following accounts might be included in an adjusting entry? a. Cash b. Buildings c. Insurance Expense d. all of the above 7. Which of the following is an asset? a. Payables b. Unearned Revenue c. Receivables d. Revenue 8. On the accrual basis, revenue is recorded when it is...! a. received. b. earned. c. incurred. d. paid. 9. On the cash basis, expenses are recorded when they are... a. received. b. earned. c. incurred. d. paid. 10. Your company gets $5,000 in December to paint a house. The work is done in January. How much revenue is reported on a cash basis in De- cember and January, respectively? a. $2,500 and $2,500 b. $5,000 and $0 c. $0 and $5,000 d. $2,000 and $3,000

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