1. The adjusting entry to recognize an expense that has been incurred but not yet paid involves a debit and a credit to a. an asset account and a liability account, respectively. b. an asset or contra asset account and an expense account, respectively. c. an expense account and a liability account, respectively. d. a receivable account and a revenue account, respectively.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 4PA: Identify which type of adjustment is associated with this account, and what is the other account in...
Question

1. The adjusting entry to recognize an expense that has been incurred but not yet paid involves a debit and a credit to
a. an asset account and a liability account, respectively.
b. an asset or contra asset account and an expense account, respectively.
c. an expense account and a liability account, respectively.
d. a receivable account and a revenue account, respectively.


2. Adjusting Entries must be immediately be made:
a. After the journal entries have been posted
b. After the financial statements are prepared
c. After reversing and closing entries are made
d. After the trial balance are prepared


3. Which of the following is not a nominal account?
a. Freight In
b. Prepaid insurance Expense
c. Interest Income
d. None of the above

PLEASE ANSWER IMMEDIATELY

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