Author Question: Which of the following entries records the collection of cash from cash customers? a. Fees Earned, ... (Read 72 times)

mmm · **on:** Jul 5, 2018

Which of the following entries records the collection of cash from cash customers?
a. Fees Earned, debit; Cash, credit
b. Fees Earned, debit; Accounts Receivable, credit
c. Cash, debit; Fees Earned, credit
d. Accounts Receivable, debit; Fees Earned, credit

Question 2

The board of directors of a not-for-profit organization voted to add 100,000 of its unrestricted net assets to its permanent endowment. Which of the following best describes the accounting and financial reporting implications of this action?

a. The net assets are still considered unrestricted.
b. The net assets are now reported as temporarily restricted net assets.
c. The net assets are now reported as permanently restricted net assets.
d. Unrestricted net assets will decrease in total.
e. None of the above.