An adjusting entry always affects:a) Only revenue accountsb) Only asset accountsc) One balance sheet account and one incomestatement accountd) Only liability accounts

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 8MC: If an adjustment includes an entry to a payable or receivable account, which type of adjustment is...

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Similar questions

If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? A. accrual B. deferral C. estimate D. cull
Identify which type of adjustment is associated with this account, and what is the other account in the adjustment? Choose accrued revenue, accrued expense, deferred revenue, or deferred expense. A. accounts receivable B. interest payable C. prepaid insurance D. unearned rent
If an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. Provision
The entry to write off an account receivable under the allowance method willT ( A. increase total assets O B. increase net income C. reduce net income D. have no effect on net income)
Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec. Income Tax Expensed. Salaries and Wages Expense
Indicate whether each statement best describes the allowance (A) method or the direct write-off (DW)method. When an account is written off, the debit is to Bad Debts Expense.
if the unearned interest is credited in the adjusting entry, which of teh following will be affected? a. nominal accountb. capital accountc. liability accountd. asset account
The adjusting entry to record accrued interest expense is: Debit Interest expense and credit Interest Payable. The answer is true or false
The allowance for doubtful account is a:
Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset account d. Liability account
N1. Account
Reversing entries are used in income collected in advance when the | point adjusting entry has a Debit to an asset Debit to a Liabilty credit to Expense Credit to Income

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An adjusting entry always affects: a) Only revenue accounts b) Only asset accounts c) One balance sheet account and one income statement account d) Only liability accounts