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

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

FINANCIAL ACCOUNTING
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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8. A journal entry to record accrued revenue results in a debit to 7. It represents services provided by the enterprise for which payrwen, EUNDAMENTALS OF ACCOUNTING Accrued revenue b. c. Unearned revenue d. Prepaid expense 6. Accrued expenses Decrease asset b. Increase liabilities Decrease expenses Increase assets a. A All of the above. C. d. 2. Income statement Statement of owners' equity Balance sheet received in the future. a. Accrued revenue b. Accrued expense c. Unearned revenue d. Prepaid expense d Statement of cash flows Debit salaries expense credit cash pebit salaries payable and credit cash E Debit salaries expense and credit salaries a. Asset account b. Liability account Revenue account C. uncollectible accounts d. Expense account b. accounts expense 9. A journal entry to record accrued expense results in a debit se C Dsit upcollectible accounts expense and credit accounts receivable a. Asset account b. Liability account 15 Which is an incorrect adjusting entry Debit depreciation and credit accumulated depreciațion h Debit salaries and credit accrued salaries payable . Debit accumulated depreciation and credit depreciation 4 Debit uncollectible accounts and credit allowance for uncollectible C. Revenue account d. Expense account 10. Adjusting entries are necessary to Ensure the quality of debits and credits b. Record sales for the period C. Balance the books at the end of the fiscal period d. Update and correct the account at the end of the accounting per a. accounts 16. Which of the following is an example of an adjusting entry a. Recording the depreciation expense b. Recording the purchase of supplies on account C Recording payments of wages to employees d. Recording receipts of cash for services rendered 11. Adjusting entries a. Assign revenue to the periods in which they are earned 255
Transcribed Image Text:8. A journal entry to record accrued revenue results in a debit to 7. It represents services provided by the enterprise for which payrwen, EUNDAMENTALS OF ACCOUNTING Accrued revenue b. c. Unearned revenue d. Prepaid expense 6. Accrued expenses Decrease asset b. Increase liabilities Decrease expenses Increase assets a. A All of the above. C. d. 2. Income statement Statement of owners' equity Balance sheet received in the future. a. Accrued revenue b. Accrued expense c. Unearned revenue d. Prepaid expense d Statement of cash flows Debit salaries expense credit cash pebit salaries payable and credit cash E Debit salaries expense and credit salaries a. Asset account b. Liability account Revenue account C. uncollectible accounts d. Expense account b. accounts expense 9. A journal entry to record accrued expense results in a debit se C Dsit upcollectible accounts expense and credit accounts receivable a. Asset account b. Liability account 15 Which is an incorrect adjusting entry Debit depreciation and credit accumulated depreciațion h Debit salaries and credit accrued salaries payable . Debit accumulated depreciation and credit depreciation 4 Debit uncollectible accounts and credit allowance for uncollectible C. Revenue account d. Expense account 10. Adjusting entries are necessary to Ensure the quality of debits and credits b. Record sales for the period C. Balance the books at the end of the fiscal period d. Update and correct the account at the end of the accounting per a. accounts 16. Which of the following is an example of an adjusting entry a. Recording the depreciation expense b. Recording the purchase of supplies on account C Recording payments of wages to employees d. Recording receipts of cash for services rendered 11. Adjusting entries a. Assign revenue to the periods in which they are earned 255
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