Question 11 (1 point) ? Saved
Payment of a $1,200 accounts payable
has no effect on total liabilities.
increases assets $1,200; decreases liabilities $1,200.
decreases liabilities $1,200; increases shareholders' equity $1,200.
decreases assets $1,200; decreases liabilities $1,200.
Question 12 (1 point) ? Saved
When a company receives a deposit from a customer but will not perform the service until a later date it
should
make no entry until the service is provided.
debit Accounts Receivable and credit Deferred Revenue.
credit Accounts Receivable and debit Revenue.
debit Cash and credit Deferred Revenue.
