When payment is received for services not yet rendered,no entry is recorded until that service has been rendered.
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Q21: Wages payable is a type of liability.
Q22: A basic storage unit for accounting data
Q23: Retained Earnings has a normal debit balance.
Q24: Dividends should appear on the balance sheet.
Q25: Liabilities are established with debits and eliminated
Q27: Revenues have a normal debit balance.
Q28: Investments by stockholders are recorded in the
Q29: A contract is an example of a
Q30: The dividends account has a normal credit
Q31: Office supplies are classified as an asset.
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