Received an advance from a customer in January 2018 for services that will be performed...
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Received an advance from a customer in January 2018 for services that will be performed in February 2018. 7. Assets Liabilities Sh. Equity RevenueExpense Net NE NE NE NE NE NE NE NE NE 8. Incurred utility expenses during January, will make payment in February AssetsL Liabilities Sh. Equity Revenue |Expense Net Ine. NE NE NE NE NE NE NE NE NE NE 9. The following is an example of an error that will not be discovered on the trial balance An entry was journalized and posted as a debit to cash for $3.500 and a credit a. to accounts payable for $3,500 when we set up a loan with the bank. b. An entry was posted as a debit to cash for $500 and credited to accounts receivable for $5,000. c. An entry was journalized and posted as a debit to wages expense for $20,000 and a debit to wages payable for $20,000. d. All of these would be errors discovered on the trial balance. e. None of these would be errors discovered on the trial balance 10. An office building is appraised for $375,000 and offered for sale at $400,000. The building should be recorded on The buyer pays $360,000 for the building. the books of the buyer at: a. $375,000. b. $360,000. c. $400,000. d. some other amount
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