24
Feb

On question 4, the alignment messed up. The first account is debited, and second credited. Naturally >__>


Answer:
1) b) Sept 15 (date of service)
2) a) Match 8 (date of service) - although in practice, if it's in the same bookkeeping period, the company would probably record the expense at time of payment
3) d) Grants for proper application of the revenue recognition principle (revenues) or the matching principle (expenses).
4)a) DR Rent Expense 2,000 CR Prepaid Rent 2,000
5)c) Net income for the period calculated as revenues minus expenses.

Answer:
Yes, i believe your answers are correct

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