After the temporary accounts are closed, only the real accounts have balances. a. True b. False ...

Author Question: After the temporary accounts are closed, only the real accounts have balances. a. True b. False ... (Read 128 times)

Mr. Wonderful

Hero Member
Posts: 866

on: Jul 6, 2018

After the temporary accounts are closed, only the real accounts have balances.
a. True
b. False
Indicate whether the statement is true or false

Question 2

Companies that are paid in advance for services or products record a liability on the receipt of cash in an account titled or .

What will be an ideal response?

nanny

Sr. Member
Posts: 313

Reply #1 on: Jul 6, 2018

Answer to Question 1

True

Answer to Question 2

unearned revenue, deferred credits

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