Which of the following will be debited in a closing entry? Withdrawals Depreciation Transportation In Purchases Returns Which of the following accounts can be found in a reversing entry? Cash Prepaid Rent Salaries Payable O Depreciation Expense
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- Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciationIf an adjustment includes an entry to a payable or receivable account, which type of adjustment is it? a. Estimate b. Accruals c. Deferrals d. ProvisionWhich of the following is a temporary account? Depreciation Expense Retained Earnings Accounts Payable Accumulated Depreciation
- Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c. Purchase returns and allowances d. Accumulated depreciationIn which of the following types of accounts are increases recorded by credits? Question 8 options: Revenue, Dividends Liability, Revenue Dividends, Asset Expense, LiabilityAccount for accountspayable and analyzeaccounts payableturnover
- At the time of dissolution of the which one of the following account has to be prepared for disposing of assets and settlement of liabilities: a. Revaluation account b. Reserve account c. Revenue account d. Realisation account FAST************What is the purpose of adjusting entries as they relate to the difference between cash accrual accounting?Identify which of the following accounts would be listed on the company’s Post-Closing TrialBalance.A. Accounts ReceivableB. Accumulated DepreciationC. CashD. Office ExpenseE. Note PayableF. Rent RevenueG. Retained EarningsH. Unearned Rent Revenue
- Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D. long-term assetADJUSTING ENTRIESPROBLEM ON ACCRUALS OF INCOME AND EXPENSE ARISING FROM INSSUANCE OF NOTE Tysm!!Which should be subtracted from the net income when using the indirectmethod? A. Loss on sale of investmentB. Amortization of patentC. Increase in accounts receivableD. Increase in accounts payable