Which is the final stage of the purchase decision process?

The general journal entry to record the purchase of an asset for cash would include:

A) a debit to Accounts Receivable and a credit to Fees Earned. B) a debit to Equipment and a credit to Accounts Payable. C) a debit to Accounts Payable and a credit to Equipment. D) a debit to Supplies and a credit to Cash.

A doctor performed surgery in April and did not receive cash payment from the patient until August. Under cash-basis accounting, the doctor recognizes revenue:

A) in April. B) in August. C) in April or August. D) at a time that cannot be determined from the facts.