If the effect of the credit portion of an adjusting entry is to increase the balance of a liability account,which of the following statements describes the effect of the debit portion of the entry?a. Increases the balance of a revenue account.b. Increases the balance of an expense account.c. Increases the balance of an asset account.

Q: End of period adjusting entries are considered important due to which of the following? A.All the…

A: Adjusting entries are required at the end of each fiscal period to align the revenues and expenses…

Q: An adjusting entry always affects: A) at least one asset account and one liability account. B) two…

A: Adjusting Entries:  These entries are required to be recorded at the end of the particular financial…

Q: If an expense has been incurred but not yet recorded, the adjusting entry would involve A. A…

A: In the given options, Pair of combination are not seems fit, so as per the concept we are going to…

Q: What is the impact of prepaid expenses before year end adjusting entries. The answer is A .…

A: Prepaid expense is the one which is paid by the company in advance.

Q: What will be the result of prepayment of rent expense in adjusting entry? a. An increase in total…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: A credit to a liability account a) indicates a decrease in the amount owed to creditors. b) is an…

A: Amount owed  by the company to the outside persons such as suppliers, bank etc are called…

Q: Which of the following is incorrect regarding adjusting entries? a. Adjusting entries involve at…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: True or False The purpose of adjusting entries is to assign appropriate portion of revenue and…

A: The adjustment entries are prepared at year end to adjust the revenue and expenses of the current…

Q: If the effect of the credit portion of an adjusting entry is to increase the balance of a revenue…

A: Adjusting entries are those entries which are passed to reflect the given adjustments.

Q: If the advance payment of an expense was initially recorded in an expense account,  the adjusting…

A: Whenever transactions are recorded relating to an expense, any advance payment for the future period…

Q: Fill in the blank associated with each adjusting entry: a. Prepaid expense: Debit Supplies Expense;…

A: a. Prepaid expense: Debit Supplies Expense; credit Suppliesb. Deferred revenue: Debit deferred…

Q: Adjusting entries prepared to record unearned revenue results in: An increase in an asset account…

A: Adjusting entries are prepared at the end of the accounting period to ensure the accrual base…

Q: counting and what are the reasons for adjusting entries. Also, provide one example of an adjusting…

A: Accrual basis accounting gives a more realistic picture of a company's financial situation since it…

Q: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

Q: Which of the following is not accomplished by an adjusting entry?   A. Updating liability and asset…

A: Adjusting entries are made to allocate income and expenses to their proper period.

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…

A:

Q: the effect of the credit portion of an adjusting entry is to increase the balance of a liability…

A: Adjusting entries are prepared at end of period (can be month end or year end) so as to reflect…

Q: The adjusting entry to record accrued interest expense is: Debit Interest expense and credit…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: What adjusting journal entry is needed to record depreciation expense for the period? A.a debit to…

A: Adjusting journal entry are entries which are made at the end of every accounting year to record the…

Q: ebits and total credits in the income statement column has to be the same as the difference between…

A: A worksheet (sometimes known as a spreadsheet) is made up of cells into which data may be entered…

Q: revenues are and let us know why these adjustments are necessary.  Please provide an example of an…

A: Accrued Revenue : Accrued Revenue is a sale that has been recognised by the seller but which has not…

Q: Which of the following is true of an adjusting entry? a.It consists of an income statement account…

A: Adjusting entries are made in order to adjust the adjustment to the accounts. Adjusting entries are…

Q: Which of the following would not be a correct form for an adjusting entry? a. A debit to a revenue…

A: There are three golden rules in accounting- a) Debit what comes in and credit what goes out- for…

Q: Which of the following is not accomplished by an adjusting entry?   A. Updating liability and asset…

A: Adjusting entries are prepared to ensure the financial statement is following the accrual base…

Q: If the effect of the credit portion of an adjusting entry is to increase the balance of a liability…

A: Adjusting journal entries are the adjustments made in the books of accounts at the end of the…

Q: As per double entry rules, when will you DEBIT? a. If there is decrease in asset b. If there is…

A: Debit Credit     Assets Increase Decrease     Liabilities Decrease Increase…

Q: As prepaid expenses expire with the passage of time, the correct adjusting entry will be a O debit…

A: A prepaid expense is an expense which is paid for more than one accounting period.

Q: A credit to a liability account indicates an increase in the amount owed to creditors. must be…

A: Creditors are the liabilities to the organizations. They have credit Balances. That is why if there…

Q: Adjustment entries for prepaid expenses must include   A liability account in the credit side   An…

A: Adjusting entry: It can be defined as the journal entry that is recorded at the closing of the…

Q: Identify the statement that is affected by making an adjusting entry. a. Balance Sheet b. Not taken…

A: Adjusting entries are entries passed at the end of accounting period to accurately reflect income…

Q: Determine the effect or recording each of the six types of adjusting entries on the accounting…

A: Adjusting entries are prepared to maintain the accrual base accounting system. These are prepared at…

Q: Which of the following statements is incorrect?   A. Adjustments to prepaid expenses and unearned…

A: An adjusting journal entry is a change made to an asset or liability account, as well as…

Q: Which of the following is not an adjusting entry? a. Debit Wages Expense Credit Wages Payable. b.…

A: An adjusting entry is prepared at the end of an accounting year to record the accrued expenses,…

Q: Which of the following is created by the adjusting entry to recognize interest expense incurred but…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Please explain what accrued expenses are and let us know why these adjustments are necessary.…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: What are the effects of an adjusting entry used to accrue revenue from credit sales? Assets…

A:

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credit

A: Adjusting entries are those journal entries that are passed at the end of the accounting period in…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: the unearned interest is credited in the adjusting entry, which of teh following will be affected?…

A: When Unearned Interest is credited, the following adjustment entry will be made: Account Titles…

Q: What is the effect of recording an accrued expense? Increase an expense; decrease an asset Decrease…

A: Under the accrual basis of accounting, transactions are recorded as and when they occur irrespective…

Q: Which of the following will appear as a debit entry in a pre-adjustment trial balance of a sole…

A: Pre adjustment trial balance is the summary of all general ledger account balances in the business…

Q: If an expense has been incurred but not yet recorded, the adjusting entry would involve:   a. A…

A: Hi student  Since there are multiple questions, we will answer only first question. If you want…

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.