Basic accounting questions
Question Description
Q1– Provide an example of each title here and then record the journal entries
Following is the first given answer.
2-Issuing common stocks receiving cash.
3-Providing service receiving cash.
4-Purchasing supplies on credit.
5-Borrowing money from a bank.
6-Paying employees their salaries.
Q2– What is the accrual basis of accounting? When should revenue and expense be recognized in the accrual basis? Provide an example. (100 words Minimum).
Q3– On your own words, explain the purpose and the importance of the income statement, and prepare the income statement for ABC company based on the following information taken from the trial balance in 2019 (100 words Minimum).
Follow the attached file instructions
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