Match each term with the definition that best describes it. Accruals [ Choose ] [Choose An account offset against an asset account on the balance sheet. Revenues for services performed but not yet received in cash or recorded. The process of allocating the cost of an asset to expense over its useful life. The length of service of a long-lived asset. A liability recorded for cash received before services are performed. Expenses incurred but not yet paid in cash or recorded. Adjusting entries for either prepaid expenses or unearned revenues. Expenses paid in cash before they are used or consumed. Adjusting entries for either accrued revenues or accrued expenses. Monthly or quarterly accounting time periods. Accrued expenses Accrued revenues Contra asset account Deferrals [ Choose ] Depreciation [ Choose ] Prepaid expenses (prepayments) [ Choose ] Unearned revenues [ Choose ]
Match each term with the definition that best describes it. Accruals [ Choose ] [Choose An account offset against an asset account on the balance sheet. Revenues for services performed but not yet received in cash or recorded. The process of allocating the cost of an asset to expense over its useful life. The length of service of a long-lived asset. A liability recorded for cash received before services are performed. Expenses incurred but not yet paid in cash or recorded. Adjusting entries for either prepaid expenses or unearned revenues. Expenses paid in cash before they are used or consumed. Adjusting entries for either accrued revenues or accrued expenses. Monthly or quarterly accounting time periods. Accrued expenses Accrued revenues Contra asset account Deferrals [ Choose ] Depreciation [ Choose ] Prepaid expenses (prepayments) [ Choose ] Unearned revenues [ Choose ]
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter5: Adjusting Entries And The Work Sheet
Section: Chapter Questions
Problem 13SEA: CASH, MODIFIED CASH, AND ACCRUAL BASES OF ACCOUNTING Prepare the entry for each of the following...
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