2. Match each type of adjusting entry with its definition. 1. Deferred revenue 2. Accrued expenses 3. Prepaid expenses 4. Accrued revenue Match each of the options above to the items below. • Receive cash in the current period that will be recorded as a revenue in a future period. • Record an expense in the current period that will be paid in cash in a future period. Record a revenue in the current period that will be collected in cash in a future period. • Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.
2. Match each type of adjusting entry with its definition. 1. Deferred revenue 2. Accrued expenses 3. Prepaid expenses 4. Accrued revenue Match each of the options above to the items below. • Receive cash in the current period that will be recorded as a revenue in a future period. • Record an expense in the current period that will be paid in cash in a future period. Record a revenue in the current period that will be collected in cash in a future period. • Pay cash (or have an obligation to pay cash) in the current period that will be recorded as an expense in a future period.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 3EA: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...
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