To record the electricity expenses paid for $450 in cash, following is the entry:Debit Electricity expenses for $450Credit Cash for $450 True False

To record the electricity expenses paid for $450 in cash, following is the entry:Debit Electricity expenses for $450Credit Cash for $450 True False

To record the electricity expenses paid for $450 in cash, following is the entry:Debit Electricity expenses for $450Credit Cash for $450

The company purchases supplies for $2,500 for cash. The entry will be:Debit Supplies for $2,500Credit Cash for $2,500 True False

True or False QuestionA firm's cash must be sufficiently available to meet the company’s obligations.True false question.TrueFalse

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