Please I need correct answers and clear explanation Thanks I

Please, I need correct answers and clear explanation. Thanks,

Indicate whether each of the following statements is true or false:

Under the accrual basis of accounting, when cash is collected on accounts receivable, revenue is recorded.

Cash receipts from customers are debited to Accounts Receivable.

The cash basis of accounting recognizes expenses when they are incurred.

Under the cash basis of accounting, there is no such thing as a Prepaid Expenses account.

Asset accounts and expense accounts normally have debit balances.

Credits increase asset accounts.

Revenues are recorded with credit entries.

Dividends are an expense of doing business and should appear on the statement of income.

1) Under the accrual basis of accounting, when cash is collected on accounts receivable, revenue is recorded

Solution: FALSE

Explanation: Under accrual-basis accounting, revenue is recorded when the services are performed, regardless of when the cash is received

2) Cash receipts from customers are debited to Accounts Receivable

Solution: FALSE

Explanation: Cash received from a customer in payment of its account is credited to the Accounts Receivable

3) The cash basis of accounting recognizes expenses when they are incurred.

Solution: FALSE

Explanation: Accrual-basis accounting recognizes expenses when they are incurred

4) Under the cash basis of accounting, there is no such thing as a Prepaid Expenses account.

Solution: TRUE

Explanation: Under the cash basis of accounting, no adjustments are made for accrued, prepaid and unearned items

5) Asset accounts and expense accounts normally have debit balances

Solution: TRUE

Explanation: Assets, losses, and expenses account will normally have debit balances

6) Credits increase asset accounts

Solution: FALSE

Explanation: A credit is an accounting entry that either decreases an asset or expense account, or increases equity or a liability account

As per norms can answer first four parts