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For Each of the Transactions Listed Below Indicate Whether It

Question 125

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For each of the transactions listed below indicate whether it involves a deferral (D) or an accrual (A)

Premises:
Industrial conveyer belt system acquired for cash
Cash collected from customers for rental of office space for next year
One year’s premium on equipment insurance paid in advance
Property taxes owed to the state but not paid at year end
Rent owed to a landlord for the current month
Responses:
deferral (D)
accrual (A)

Correct Answer:

Industrial conveyer belt system acquired for cash
Cash collected from customers for rental of office space for next year
One year’s premium on equipment insurance paid in advance
Property taxes owed to the state but not paid at year end
Rent owed to a landlord for the current month
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