22. Unearned income is recorded by an entity that A. Pay money in advance before performance of service B. Receive money in advance before performance of service C. Pay money after performance of service D. Receive money during the performance of service

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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22. Unearned income is recorded by
an entity that *
A. Pay money in advance before
performance of service
B. Receive money in advance before
performance of service
C. Pay money after performance of service
D. Receive money during the performance
of service
23. If a cash purchase of an office
equipment for P50,000 was debited
to office supplies expense by the
same amount, what effect this
journalizing process error has in your
trial balance? *
A. The trial balance will be out of balance
B. The trial balance will be in-balance
C. It require correction in journal book
D. It requires correction in general ledger
Transcribed Image Text:22. Unearned income is recorded by an entity that * A. Pay money in advance before performance of service B. Receive money in advance before performance of service C. Pay money after performance of service D. Receive money during the performance of service 23. If a cash purchase of an office equipment for P50,000 was debited to office supplies expense by the same amount, what effect this journalizing process error has in your trial balance? * A. The trial balance will be out of balance B. The trial balance will be in-balance C. It require correction in journal book D. It requires correction in general ledger
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