From the following transactions, indicate if an entry is necessary under the accrual method(A), the cash...

 

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From the following transactions, indicate if an entry is necessary under the accrual method(A), the cash (C) accounting method, or both (B): (1 point each, 7 total) 1. Received $50,000 in cash in exchange for stock 2. Purchased $500 of supplies with a credit card (on account) 3. Decreased prepaid rent by $1,000 to reflect 1 month of rent 4. Paid $400 for prior month credit card bill 5. Booked depreciation expense of $5,000 on building 6. Performed services of $6,000 and sent the client an invoice for it (on account) 7. Received a $5,000 for an event planned for the next month 1. C 2. A A/ From the following transactions, indicate if an entry is necessary under the accrual method(A), the cash (C) accounting method, or both (B): (1 point each, 7 total) 1. Received $50,000 in cash in exchange for stock 2. Purchased $500 of supplies with a credit card (on account) 3. Decreased prepaid rent by $1,000 to reflect 1 month of rent 4. Paid $400 for prior month credit card bill 5. Booked depreciation expense of $5,000 on building 6. Performed services of $6,000 and sent the client an invoice for it (on account) 7. Received a $5,000 for an event planned for the next month 1. C 2. A A/

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