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You are watching: Transactions in a journal are initially recorded in

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Transcribed picture text: bookkeeping transactions are at first recorded in the: A) jae won statements. B) ledger. C) journal. D) T - account. On might 1, a business noted legal services to a client and billed the client $3700. The client promised to pay the service in one month Which journal entry must the company record on might 1? A) Debit account Receivable for $3700 and also credit organization Revenue for $3700. B) Debit Cash for $3700 and credit company Revenue because that $3700. C) Debit accounts Payable because that $3700 and credit service Revenue because that $3700. D) Debit Cash because that $3700 and credit Retained earnings for $3700. Andy agency had a cash balance on may 1 that $29,000. In ~ the finish of May, the cash balance has decreased to $30,000. Throughout the month of May, Andy received cash the $47,000 from various sources. Based upon this information, cash payments because that the month of may were: A) $30,000. B) $76,000. C) $46,000.D) $29,000. Under accumulation accounting, revenue is recorded: A) as soon as the cash is received, regardless of when the services are performed. B) once the solutions are performed, nevertheless of as soon as the cash is received. C) only if the cash is obtained at the very same time the solutions are performed. D) at the finish of every month. One expense emerged in 2016, yet it is not paid until 2017. Utilizing accrual accounting, the cost should show up on: A) the 2016 income statement. B) the 2017 earnings statement. C) whichever income statement the organization prefers. D) both the 2016 and 2017 income statements. Under accumulation - communication accounting, if a agency fails to record a sale on account: A) revenue will be understated. B) assets will be understated. C) net income will still be correct. D) A and also B. Prepaid prices will become ____ once their future benefits expire. A) legacy B) profits C) prices D) legal responsibility ____ is the allocation of the price of an asset over the asset's useful life. A) accrual B) Expiration C) Depreciation D) Deferral The publication value of a tree asset is the: A) built up depreciation much less the expense of the asset. B) expense of the asset much less the built up depreciation. C) balance in the built up depreciation account. D) expense of the asset. When an convey is made for prepaid rent: A) an heritage decreases and an price increases. B) an legacy increases and an expense decreases.

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C) one legacy increases and also another decreases. D) a legal responsibility decreases and also an cost decreases.