Which of the following is not a type of adjusting entry? a. Depreciation of long-term physical assets b. Allocation of unearned revenue c. Correction of an error in the general journal d. Recording of accrued revenue

Which of the following is not a type of adjusting entry? a. Depreciation of long-term physical assets b. Allocation of unearned revenue c. Correction of an error in the general journal d. Recording of accrued revenue

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter3: Accrual Accounting

Section: Chapter Questions

Problem 12DQ: Describe the effect on the financial statements when an adjustment is prepared that records (a)...

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Question

Which of the following is not a type of adjusting entry?

a. Depreciation of long-term physical assets

b. Allocation of unearned revenue

c. Correction of an error in the general journal

d. Recording of accrued revenue

Definition Definition Entries made at the end of every accounting period to precisely replicate the expenses and revenue of the current period. This is also known as end of period adjustment. It can also refer to financial reporting that corrects errors made previously in the accounting period. Every adjustment entry affects at least one real account and one nominal account.

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