4.The company pays rent for their offices in advance on a quarterly basis for $15,000. For the month of December, rent expense would be $5,000 ($15,000/3 months). The following adjusting entry is made to convert prepaid rent for the month of December into an expense: 5.The original...
True or false: An adjusting entry to a prepaid expense is required to recognize expired expense. An adjusting entry would adjust an expense account so that the expense is reported when incurred. a. True b. False The reversing entry for an expense accrual will require...
求翻译:the five categories of adjusting entries-prepaid expense, depreciation,accrued revenues, and unearned revenues-are illustrated and described in details是什么意思?待解决 悬赏分:1 - 离问题结束还有 the five categories of adjusting entries-prepaid expense, depreciation,accrued revenues, and unearned ...
百度试题 结果1 题目An adjusting entry could be made for each of the following except: A. Prepaid expenses. B. Depreciation. C. Owner withdrawals. D. Unearned revenues. E. Accrued revenues. 相关知识点: 试题来源: 解析 A. B. D. E.反馈 收藏 ...
Chapter3-1 StudyObjectives 1.Explainthetimeperiodassumption.2.Explaintheaccrualbasisofaccounting.3.Explainthereasonsforadjustingentries.4.Identifythemajortypesofadjustingentries.5.Prepareadjustingentriesfordeferrals.6.Prepareadjustingentriesforaccruals.7.Describethenatureandpurposeofanadjusted trialbalance.Chapter3-2...
The process of allocating the cost of a capital asset to expense over its useful life is called depreciation, which is accomplished by making an adjusting entry at the end of each accounting period. The adjusting entry to recognize depreciation for the period is usually as follows: Depreciation ...
3. Adjusting entries can be seen as the last-minute fixes in a race.Just like when you remember at the end of the month that you haven't accounted for that prepaid expense. That's one important adjusting entry right there! 4. Isn't it amazing how adjusting entries are like putting the...
Adjusting entry for depreciation expense APA formatAdjusting entry for depreciation expense (2022). Accountingverse. https://www.accountingverse.com/accounting-basics/depreciation-expense.htmlNext Lesson→ Bad Debts ExpensePrevious Lesson← Prepaid Expense...
Adjusting entry for unearned revenue APA formatAdjusting entry for unearned revenue (2022). Accountingverse. https://www.accountingverse.com/accounting-basics/unearned-revenue.htmlNext Lesson→ Prepaid ExpensePrevious Lesson← Accrued ExpenseChapter Outline...
∙Prepaid Rent ∙Supplies 1st journal entry (normal): 2nd journal entry (adjusting): Dr. an asset account and cr. Cash. Dr. an expense account and cr. the asset account for the amount used during that period. The Cash account is used in the original normal journal entry, but ...