A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. Which of the following statements is true? Group of answer choices a)Cash will be reported on the statement of cash flows for the month of November b)Revenue will be recorded and reported on the income statement for October c)A liability will be reported on the balance sheet at the end of October d)A prepaid asset will be reported on the balance sheet at the end of October None of the above is correct

A company receives a $50,000 cash deposit from a customer on October 15 but will not deliver the goods until November 20. Which of the following statements is true? Group of answer choices a)Cash will be reported on the statement of cash flows for the month of November b)Revenue will be recorded and reported on the income statement for October c)A liability will be reported on the balance sheet at the end of October d)A prepaid asset will be reported on the balance sheet at the end of October None of the above is correct

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The month-end journal entry to adjust its cash balance to agree to the adjusted book balance should include a: a) debit to interest revenue for $125 b) credit to service revenue for $4000 c) credit to bank service charge expense for $35 d) credit to note receivable for $2500