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Both are sub parts of single question 1.1 Which of the following is an example of an accrued revenue? a. Interest on debt incurred during the year, to be paid in the first quarter of the subsequent year b. Rent paid at the beginning of the year and debited to an expense account. c. Depreciation expense d. Rent earned during the period, to be received at the begining of the next year

Both are sub parts of single question 1.1 Which of the following is an example of an accrued revenue? a. Interest on debt incurred during the year, to be paid in the first quarter of the subsequent year b. Rent paid at the beginning of the year and debited to an expense account. c. Depreciation expense d. Rent earned during the period, to be received at the begining of the next year

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 2EA: Consider the following accounts and determine if the account is a current liability, a noncurrent...
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Both are sub parts of single question

1.1 Which of the following is an example of an accrued revenue?
a. Interest on debt incurred during the year, to be paid in the first quarter of the
subsequent year
b. Rent paid at the beginning of the year and debited to an expense account.
c. Depreciation expense
d. Rent earned during the period, to be received at the begining of the next year

1.2 Which of the following statements is correct about closing entries?
a. Must debit or credit one income statement account and one statement of financial
position account
b. Include closing the dividends account to income summary
c. All of these choices are correct
d. Are posted to the appropriate general ledger accounts

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