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The summary data of the ABC Car Rental for December 2019 is presented below in an equation form: Assets = T. No. Liabilities Owner's Equity Cash + Acc Receivable + Supplies + Furniture + Shared Capital + Retained Earnings +Rev -Exp -Divid +10,000 +10,000 + 2,500 +2,500 1,100 -1,100 1,500 +8,000 +6,500 +3,000 +3,000 Which of the following statements describe Item 1? Select one: Oa. Income recorded as accrual revenue. Ob. None of the above.

The summary data of the ABC Car Rental for December 2019 is presented below in an equation form: Assets = T. No. Liabilities Owner's Equity Cash + Acc Receivable + Supplies + Furniture + Shared Capital + Retained Earnings +Rev -Exp -Divid +10,000 +10,000 + 2,500 +2,500 1,100 -1,100 1,500 +8,000 +6,500 +3,000 +3,000 Which of the following statements describe Item 1? Select one: Oa. Income recorded as accrual revenue. Ob. None of the above.

FINANCIAL ACCOUNTING
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 summary data of the ABC Car Rental for December 2019 is presented below in an equation form: Assets = T. No. Cash + Liabilities Owner's Equity Acc Receivable + Supplies + Furniture + Shared Capital + Retained Earnings +Rev -Exp -Divid + 10,000 + 10,000 + 2,500 +2,500 1,100 1,100 1,500 + 8,000 + 6,500 +3,000 +3,000 Which of the following statements describe Item 1? Select one: Oa. Income recorded as accrual revenue. b. None of the above.
Transcribed Image Text:The summary data of the ABC Car Rental for December 2019 is presented below in an equation form: Assets = T. No. Cash + Liabilities Owner's Equity Acc Receivable + Supplies + Furniture + Shared Capital + Retained Earnings +Rev -Exp -Divid + 10,000 + 10,000 + 2,500 +2,500 1,100 1,100 1,500 + 8,000 + 6,500 +3,000 +3,000 Which of the following statements describe Item 1? Select one: Oa. Income recorded as accrual revenue. b. None of the above.
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