Under the cash basis of accounting, no adjustments are made for prepaid, unearned, and accrued items.  True False

Define what is balance day adjustments and give examples of each prepaid rent, accrued rent, unearned commission revenue and accrued commission revenue

Define what is Prepaid expenses, Accrued expenses, Unearned revenue and Accrued revenue

Explain what is prepaid rent expense, unearned revenue, accrued revenue and accrued expense and whether they're debit or credit on the general journal

There is no provision for depreciation in cash basis accounting because there is no actual cash involved

A prepaid expense occurs when a company pays in advance for a service or goods for which the benefit extends beyond the current accounting period True False