Genesis Company buys equipment for $900 machine on credit. This transaction will immediately affect the
A. income statement only.
B. balance sheet only.
C. income statement and retained earnings statement only.
D. income statement, retained earnings statement, and balance sheet.
Ans: B. balance sheet only.
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When making a claim or requesting an adjustment, your close should
A) clearly state how angry and disappointed you are. B) explain the specific details of the problem. C) request the specific action required to resolve the problem. D) explain that you are planning to seek legal counsel. E) provide a straightforward explanation of how the problem occurred.
An adjusting entry involving recognition of accrued revenue is necessary at the end of March in which of the following situations?
A. Midwood Consultants received payment in February for consulting services rendered in March. B. Midwood Consultants began working for a client on March 15; bills will be sent monthly beginning April 15. C. Midwood Consultants made payment in January for office rent for the first three months of the year. D. On March 31, a major customer paid his bill for a consulting job completed in February.