Which of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income ACcount / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income Account

Which of the following journals would correctly post an adjustment for deferred (prepaid) income? Select one: A. DR Income ACcount / CR Asset B. DR Asset / CR Income Account C. DR Income Account / CR Deferred Income D. DR Deferred income / CR Income Account

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter14: Accounting For Uncollectible Accounts Receivable

Section14.1: Uncollectible Accounts Receivable

Problem 2AYU

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Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.

Question

Which of the following journals would correctly post an adjustment for deferred (prepaid)
income? Select one:
A. DR Income Account / CR Asset
B. DR Asset / CR Income Account
C. DR Income Account / CR Deferred Income
D. DR Deferred income / CR Income Account

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