6 to 16 ? 8. A journal entry to record accrued revenue results in a debit to7. It represents services provided by the enterprise for which payrwen,EUNDAMENTALS OF ACCOUNTINGAccrued revenueb.c. Unearned revenued. Prepaid expense6. Accrued expensesDecrease assetb. Increase liabilitiesDecrease expensesIncrease assetsa.A All of the above.C.d.2. Income statementStatement of owners' equityBalance sheetreceived in the future.a. Accrued revenueb. Accrued expensec. Unearned revenued. Prepaid expensed Statement of cash flowsDebit salaries expense credit cashpebit salaries payable and credit cashE Debit salaries expense and credit salariesa.Asset accountb. Liability accountRevenue accountC.uncollectible accountsd. Expense accountb.accounts expense9. A journal entry to record accrued expense results in a debit seC Dsit upcollectible accounts expense and credit accounts receivablea.Asset accountb. Liability account15 Which is an incorrect adjusting entryDebit depreciation and credit accumulated depreciaționh Debit salaries and credit accrued salaries payable. Debit accumulated depreciation and credit depreciation4 Debit uncollectible accounts and credit allowance for uncollectibleC.Revenue accountd. Expense account10. Adjusting entries are necessary toEnsure the quality of debits and creditsb. Record sales for the periodC. Balance the books at the end of the fiscal periodd. Update and correct the account at the end of the accounting pera.accounts16. Which of the following is an example of an adjusting entrya. Recording the depreciation expenseb. Recording the purchase of supplies on accountC Recording payments of wages to employeesd. Recording receipts of cash for services rendered11. Adjusting entriesa. Assign revenue to the periods in which they are earned255

Accounting principles means those set of standards which is followed while preparing the books of…

Answered: d. Prepaid 6. Accrued expenses Decrease…

Business

Accounting

d. Prepaid 6. Accrued expenses Decrease asset b. Increase liabilities a. C. Decrease expenses d. Increase assets

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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