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Rahul Jain
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5. Which of the following transactions would cause a decrease

Customer Question

5. Which of the following transactions would cause a decrease in the Accounts Receivable account?
       a credit sale to a customer
       a collection of cash from a customer to whom a previous sale was made
       a cash sale to a customer
       a credit purchase by the company

6. Accrued revenues and expenses result when:
       the end of the year has occurred after the transaction has been completed
       revenues and expenses are recognized after cash is received or paid
       revenues and expenses are recognized before cash is received or paid
       the bookkeeper has made an error

7. At December 31, 2007, the end of Smith and Jones Co. fiscal year, there were $470 of office supplies on hand. During 2008, $1,800 of office supplies were purchased and charged to the Office Supplies Expense account. On December 31, 2008, a physical count of office supplies revealed that there was $700 worth on hand. As a result of this information, the bookkeeper will have to...
Submitted: 8 years ago.
Category: Homework
Expert:  Rahul Jain replied 8 years ago.
5. Which of the following transactions would cause a decrease in the Accounts Receivable account?

a collection of cash from a customer to whom a previous sale was made


6. Accrued revenues and expenses result when:

revenues and expenses are recognized before cash is received or paid


7th question is incomeplete
Customer: replied 8 years ago.
7. At December 31, 2007, the end of Smith and Jones Co. fiscal year, there were $470 of office supplies on hand. During 2008, $1,800 of office supplies were purchased and charged to the Office Supplies Expense account. On December 31, 2008, a physical count of office supplies revealed that there was $700 worth on hand. As a result of this information, the bookkeeper will have to
       increase an asset account by $230
       increase an expense account by $230
       increase an asset account by $700
       increase an expense account by $1570
Expert:  Rahul Jain replied 8 years ago.
THIS ANSWER IS LOCKED!

You need to spend $3 to view this post. Add Funds to your account and buy credits.
Customer: replied 8 years ago.
I'll pay partially for question 5 and 6, but I'm not paying for question 7. The response was incorrect.

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