An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to...
The adjusting entry to record an accrued revenue is: A. Increase an expense; increase a liability. B. Increase an asset; increase revenue. C. Decrease a liability; increase revenue. D. Increase an expense; decrease an asset. E. Increase an expense; decrease a liability.
Which statement is true for accrued revenue adjusting entries? A : The adjusting entry results in an increase (a debit) to a revenue account and a decrease (a credit) to an asset account. B : Prior to adjustment, assets and revenues are both overstated. C : None of choices is correct. D : The adjusting entry will increase both an asset account and a revenue account.
1. Record the following adjusting entries to reflect the accrual and deferral of expense and revenue for the ending of December 31. 2.After you have journalized and posted the transactions, record the adjusting entries on the worksheet. a - Recognized the interest income accumlated on $5,000 note bearing interest of 10% dated a month before the accounting period. b- Interest expense incurred but not yet paid on the promissory note amounted to $50. c- Recognized that the cleaning income which...
The adjusting entry to record an accrued expense is: A. Increase an expense; increase a liability. B. Increase an asset; increase revenue. C. Decrease a liability; increase revenue. D. Increase an expense; decrease an asset. E. Increase an expense; decrease a liability.
Question 5 The entry to record the cost of merchandise inventory sold involves a debit to Merchandise Inventory and a credit to Accounts Receivable. debit to Cost of Goods Sold and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Sales Revenue. debit to Merchandise Inventory and a credit to Cost of Goods Sold. debit to Cost of Goods Sold and a credit to Merchandise Inventory. 1 points Question 6 Accumulated depreciation is classified as a(n)...
An adjusting entry would never include a:debit to an expense account and a credit to a liability account.debit to an asset account and a credit to a liability account.debit to an expense account and a credit to an asset account.debit to a liability account and a credit to a revenue account.
Financial accounting The adjusting entry to record interest owed on obligations at the end of the accounting period includes a debit to Click the answer you think is right. Interest Payable and credit to Interest Expense Interest Expense and credit to Interest Payable Interest Revenue and credit to Interest Receivable Interest Receivable and credit to Interest Revenue Interest Expense and credit to Notes Payable After the adjustments have been completed, the adjusted balance in the Interest Payable account represents Click...
Adjusting Entries For each of the following unrelated situations, prepare the necessary adjusting entry in general journal form a. Unrecorded depreciation on equipment is $1850 b. The Supplies account has a balance of $5,000. Supplies on hand at the end of the period totaled $2,500, c On the date for preparing financial statements, an estimated utilities expense of $550 has been incurred, but no utility bill has been received. d. On the first day of the current month, rent for...
An adjusting entry should never includea. a debit to an expense account and a credit to a liability account.b. a debit to an expense account and a credit to a revenue account.c. a debit to a liability account and a credit to revenue account.d. A debit to a revenue account and a credit to a liability account.
The adjusting entry for the accrued interest on a one-year note payable includes: debit Interest Receivable; credit Interest Expense. debit Interest Expense; credit Interest Payable. debit Interest Receivable; credit Interest Revenue. debit Interest Expense; credit Interest Receivable. debit Interest Payable; credit Interest Revenue.