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.
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.
a. After the
b. After the financial statements are prepared
c. After reversing and closing entries are made
d. After the
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
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