Study guides, Class notes & Summaries

Question 1 3 / 3 pts (TCO 2) The debt created by a business when it makes a purchase on account is a(n) revenue. prepaid expense. account receivable. account payable. Question 2 3 / 3 pts (TCO 2) A company performed services for a customer for cash. This transaction increased assets and decreased equity. increased liabilities. increased expenses. increased revenues. Question 3 3 / 3 pts (TCO 2) A company performs services for a client on account. When the company receives the cash from the custo...

Question 1 3 / 3 pts (TCO 2) The debt created by a business when it makes a purchase on account is a(n) revenue. prepaid expense. account receivable. account payable. Question 2 3 / 3 pts (TCO 2) A company performed services for a customer for cash. This transaction increased assets and decreased equity. increased liabilities. increased expenses. increased revenues. Question 3 3 / 3 pts (TCO 2) A company performs services for a client on account. When the company receives the cash from the cust...

Question 1 3 / 3 pts (TCO 2) The debt created by a business when it makes a purchase on account is a(n) revenue. prepaid expense. account receivable. account payable. Question 2 3 / 3 pts (TCO 2) A company performed services for a customer for cash. This transaction increased assets and decreased equity. increased liabilities. increased expenses. increased revenues. Question 3 3 / 3 pts (TCO 2) A company performs services for a client on account. When the company receives the cash from the custo...