Concept explainers
Recording and analysing
A1
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the entries below, identify the account to be debited and the account to be credited from the following accounts: Cash;
a. Entry to record revenue earned that was previously received as cash in advance.
b. Entry to record wage expenses incurred but not yet paid (nor recorded).
C. Entry to record revenue earned but not yet billed (nor recorded).
d. Entry to record expiration of p repaid insurance.
e. Entry to record annual depreciation expense.
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