An adjusting entry should never include a. a debit to an expense account and a credit...
An adjusting entry should never include
a. 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.
Homework Answers
| The correct answer is a debit to an expense account and a credit to a revenue account. |
| Explanation for Option D: |
| Adjusting entries for revenue account may include a debit to a revenue account and a credit to a liability account. |
| For example, sometimes amount received in advance from customers is credited to revenue account in full. |
| At the end of accounting period, the adjusting entry is made to recognize the unearned portion of revenue |
| The adjusting entry included debit to revenue account and a credit to a liability account. |
| It can be further explained through the following transaction: |
| A customer pays $12000 for a 12 month maintenance contract from 1 July 2018 to 1 July 2019 |
| On July 1,2018 the company made the entry as Debit to Cash for $12000 and Credit to Service Revenue for $12000 |
| The adjusting entry to be made on December 31,2018 will be made for 6 months of unearned revenue from Jan 1, 2019 to July 1,2019 |
| The adjusting entry to be made on December 31,2018 will be: |
| Debit to Service Revenue $6000 and Credit to Unearned Revenue $6000 |
| Service Revenue is a revenue account and Unearned revenue is a liability account. |
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An adjusting entry should never include a. a debit to an expense account and a credit...
Adjusting entry
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.
The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account
CP 3-1 The preparation of adjusting entries requires a debit entry to one account and a credit entry to another account. ABa. Insurance Expense b. Rent Earned c. Prepaid Rent d. Interest Payable e. Interest Receivable f. Fees Earned g. Unused Supplies h. Unearned Commissions Revenue i. Salaries Payablej. Depreciation Expense1. Commissions Earned 2. Supplies Expense 3. Salaries Expense 4. Unearned Fees 5. Accumulated Depreciation 6. Rent Expense 7. Prepaid Insurance 8. Interest Earned 9. Interest Expense 10. Unearned Rent Required: Match each account in column A with the appropriate account in column B
Which of the following would not be a correct form for an adjusting entry?
Which of the following would not be a correct form for an adjusting entry?a. A debit to a revenue and a credit to a liabilityb. A debit to an expense and a credit to a liabilityc. A debit to a liability and a credit to a revenued. A debit to an asset and a credit to a liability
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to...
An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
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the entry of depreciation expense account may include a debit uiz 0 Saved Help Save &...
the entry of depreciation expense account may include a
debit
uiz 0 Saved Help Save & Exit Submit MC Qu. 6-48 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account may include a debit to: Multiple Choice 0 the Income Summary account and a credit to the Depreciation Expense account. 0 the Depreciation Expense account and a credit to the Accumulated Depreciation account. aces 0 the Accumulated Depreciation account and a credit to the...
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What is the adjusting entry when prepaid insurance expires? Select one: a. debit insurance expense and credit prepaid insurance b. debit prepaid insurance and credit insurance expense c. debit prepaid insurance and credit cash d. debit cash and credit insurance expense
The adjusting entry to record an accrued expense is: A. Increase an expense; increase a liability....
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The adjusting entry to record depreciation of equipment is Select one: a. debit Accumulated Depreciation; credit...
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an adjusting entry that debits and expense and credit a liability is which type? prepaid expense...
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An adjusting entry to record an accrued revenue (like accounts receivable) involves: O a debit to an asset account and a credit to a liability account O a debit to a revenue account and a credit to an asset account O a debit to a liability account and a credit to a revenue account a debit to an asset account and a credit to a revenue account QUESTION 14 Which of the following properly describes a deferral? O Cash is...
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uiz 0 Saved Help Save & Exit Submit MC Qu. 6-48 The entry to close the Depreciation Expense... The entry to close the Depreciation Expense account may include a debit to: Multiple Choice 0 the Income Summary account and a credit to the Depreciation Expense account. 0 the Depreciation Expense account and a credit to the Accumulated Depreciation account. aces 0 the Accumulated Depreciation account and a credit to the...
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