MGAB01H3 Study Guide - Midterm Guide: 6 Years, Retained Earnings, Income Statement
![MGAB01H3 Full Course Notes](https://new-docs-thumbs.oneclass.com/doc_thumbnails/list_view/2185791-class-notes-ca-utsc-mgab01h3-lecture4.jpg)
16
MGAB01H3 Full Course Notes
Verified Note
16 documents
Document Summary
True or false questions: debits are used to record increases in assets, dividends and expenses, the process of recording transactions in a journal is called posting. If the accountant failed to make the end of period adjustment to remove from the prepaid. Expense account the amount of expenses incurred, the omission would cause an overstatement of net income. Multiple choice questions: joe boxling"s company had a retained earnings balance of ,400 on june 30 and. Withdrawals for the month of july were ,200. What is the total amount of expenses during october: ,000, ,500, ,000, ,500, ,700, time periods covered by financial statements are called, seasonal periods, fiscal years, operating cycles, accounting periods, natural business years. Mgab01 financial accounting i 2014 fall: the journal entry to record the completion of legal work for a client on credit and billing the client ,700 for the services rendered would be, accounts receivable. Legal fees earned: legal fees earned, accounts receivable.