Which of the following journal entries would be recorded if a business renders service and receives cash of $900 from the customer?
A)
Service Revenue 900
Cash 900
B)
Service Revenue 900
Accounts Payable 900
C)
Cash 900
Service Revenue 900
D)
Service Revenue 900
Accounts Receivable 900
C
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Which of the following is true of a destination contract containing a "no-arrival, no-sale" clause?
A) The seller is required to bear the expense and risk during transportation. B) The seller is required to replace any goods lost in transit. C) The buyer does not have to pay for destroyed goods. D) The risk of loss passes once the shipping has been arranged.
Master files, spreadsheets, and reports that accumulate material, labor, and overhead as the costs are incurred are
A) accounting systems. B) storeroom documents. C) cost accounting records. D) finished goods inventory records.