5.19. After editing an invoice in a closed period, you record the change in inco

Question

5.19. After editing an invoice in a closed period, you record the change in income by editing the-. A. Closing Date B. Adjusting entry transferring Net Income and Retained Earnings into Canital C. You do not edit anything, you record another adjusting entry D. Both A and B 5.20. To record the decrease in value for a fixed asset, you record A. Depreciation B. Depreciation Expense C. A Net Loss D. Both A and B FILL-IN IN THE SPACE PROVIDED. WRITE THE ANSWER THAT MOST APPROPRIATELY COMPLETES THE SENTENCE. 5.21. The -basis of accounting records income or revenue at the time cash is received and expenses at the time they are paid. In a sole proprietorship, an owner's paycheck is considered a(n) When you make changes to the report footer, you click the 5.22. 5.23. button to save the change for future reports. 5.24. In Your Name's Beach Barkers the entry to transfer Net Income to Capital is made by debiting and crediting 5.25. A is prepared to record an automatic loan payment from the bank.

Explanation / Answer

5.19 : Answer is (c) As yopu cant post adjustment entry that period which has been closed . You Need to pass another adjustment entry in next period with prior period adjustment.

5.20 : Answer is (a)

For decrease in value in fixed asset, We record Depreciation.

5.21 : The Cash basis accounting records, income & revenue at the time of cash received and expenses at the time they are paid

5.22 : In Sole propritorship, Owner's pay check is considered as Drawings

5.23 ; When you change in report Footer, You click CTR +S button to save the changes for future reports

5.24 net incomce to Capital is made by debiting Profit & Loss A/c and credited by

5.25 : An auto Debit Schedule is prepared to record and automatic loan repayment from bank.

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