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Author Question: Which of the following entries records the collection of cash from cash customers? a. Fees Earned, ... (Read 66 times)

mmm

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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.


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Anna

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

c

Answer to Question 2

A


mmm

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Reply 2 on: Jul 5, 2018
Great answer, keep it coming :)

vickybb89

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Reply 3 on: Yesterday
Wow, this really help

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