Question: Explain the difference between the Cash basis and the Accrual basis of accounting. What account types increase with a Debit? What types increase with a

  1. Explain the difference between the Cash basis and the Accrual basis of accounting.
  2. What account types increase with a Debit?
  3. What types increase with a Credit?
  4. What is a prepaid expense?
  5. What type of asset requires adjusting entries to record depreciation?
  6. What is unearned revenue?
  7. Order the following steps in the accounting process that focus on analyzing and recording transactions. _____ a. Prepare and analyze the trial balance. _____ b. Analyze each transaction from source documents. _____ c. Record relevant transactions in a journal. _____ d. Post journal information to ledger accounts.

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