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Author Question: When an account receivable is collected in cash, the total assets of the business increase. a. True ... (Read 85 times)

CQXA

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on: Jul 5, 2018
When an account receivable is collected in cash, the total assets of the business increase.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

Assume that the Village of Hannah uses the purchases method of inventory accounting. At the end of the year the inventory levels have increased. What entry would be made to reflect the inventory increase?
 
  A. Debit Expenditures, Credit Inventory of Supplies.
  B. Debit Inventory of Supplies, Credit Other Financing Sources.
  C. Debit Expenditures, Credit Other Financing Sources.
  D. Debit Inventory of Supplies, Credit Expenditures.


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trampas

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Reply #1 on: Jul 5, 2018
Answer to Question 1

False

Answer to Question 2

B


CQXA

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Reply 2 on: Jul 5, 2018
YES! Correct, THANKS for helping me on my review

carojassy25

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Reply 3 on: Yesterday
Great answer, keep it coming :)

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