Decrease in liability and owner's equity are recorded by debit

Q: The adjustment for accrued expense eliminates the understatement in Total liabilities O Total…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: What is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the…

A: The adjustment entries are prepared for deferred, accrued revenue and expenses for the period. The…

Q: When a loss contingency is recognized, where is it reported on the income statement?

A: A financial statement that lists the company's earnings and expenses is called an income statement.…

Q: The account, Discount on Notes Payable, is a a.contra-asset. b.deferred charge. c.liability.…

A: Discount on notes payable -  It is the amount payable by the concerned investor is less than the…

Q: if a trial balance or income state, etc... is post-closing, unadjusted, or adjusted?

A: Trail balance is prepared by the company with an aim to know and verify that the posting entries…

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: Is there a certain order to list the liability accounts in the balance sheet?

A: A liability is an obligation the settlement of which requires outflow of economic resources of the…

Q: Which of the following is not an asset inventory Revenue Acounts receivable Prepaid insurance

A: In accounting, an asset is a resource with economic value that an individual, corporation, or…

Q: Capital Loss (MSS Loss) account is an expense account and increased by a credit. O a. False Ob. True

A: Capital loss is the loss that is incurred when the value decreases for the capital asset like real…

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: Which account is least likely to appear in an adjustingjournal entry?a. Cashb. Interest Receivablec.…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year,…

Q: What is the net impact to total assets when an account receivable is written ofif? decrease in total…

A: JOurnal entry for written off of Accounts receivable: DATE ACCOUNTS DEBIT CREDIT   Allowance…

Q: Failure to record the typical balance day adjustment to the Unearned Revenue account would: Select…

A: Unearned Revenue: If you get money for a service or product that has not yet been offered or…

Q: Under the allowance method for uncollectible receivables, the entry to record uncollectible-account…

A: Allowance method: It is a method for accounting bad debt expense, where uncollectible accounts…

Q: Does the deductibility of an expense or loss follow accounting practice?

A: The accounting practice is the practice of recording the day-to-day financial transactions of the…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.