For each description,identify with an "X" whether the item is either an asset (A),liability (L)or shareholders' equity (SE)account on the balance sheet or a revenue (R)or expense (E)on the income statement.There is only one correct answer for each description.
Correct Answer:
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Q103: Prepaid insurance is _.
A)an accrual
B)a deferral
C)insurance expense
D)a
Q104: During the year,Mega,Inc.had revenues of $400,000 of
Q105: An account receivable is _.
A)an accrual
B)a deferral
C)a
Q106: Team Shirts ordered T-shirts from its supplier
Q107: Team Shirts purchased T-shirts in July.The T-shirts
Q109: During May,Team Shirts spent $4,000 to buy
Q110: An accrual transaction is one in which
Q111: Clean Sweep performed cleaning services and billed
Q112: Identify the appropriate financial statement for each
Q113: A deferral transaction is one in which
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