Adjusting entries are necessary so that asset, liability, revenue, and expense account balances are correctly recorded.
举一反三
- What type of account is Unearned Revenue (asset, liability, stockholders’ equity, revenue, or expense) and what is its normal balance, respectively?
- Unearned revenue is a (n) account. ( ) A: revenue B: expense C: liability D: asset
- Unearned Revenue is a ________ account and carries a ________ normal balance. A: liability; credit B: asset; credit C: revenue; debit D: asset; debit
- 中国大学MOOC: Incurred but unpaid expenses that are recorded during the adjusting process with a debit to an expense and a credit to a liability are:
- The increase of revenue should be ( ). A: debited to a revenue account B: debited to a expense account C: credited to a revenue account D: credited to a expense account