Question: An adjusting entry should never include a. a debit to an expense account and a credit to a liability account. b. a debit to an

An adjusting entry should never include a.

a debit to an expense account and a credit to a liability account.

b. a debit to an expense account and a credit to a revenue account.

c. a debit to a liability account and a credit to revenue account.

d. a debit to a revenue account and a credit to a liability account.

Step by Step Solution

★★★★★

3.37 Rating (144 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock

An adjusting entry would never include 1 Debit to a liability account and ... View full answer

blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

How does a debit to an expense account ultimately affect retained earnings? Stockholders equity?

Q:

A company makes an accrued revenue adjusting entry for $780 and an accrued expense adjusting entry for $510. How much was net income understated prior to these entries? Explain.

Q:

A company makes an accrued revenue adjusting entry for $900 and an accrued expense adjusting entry for $700. How much was net income understated prior to these entries? Explain.

Q:

29 Company X issuing its annual financial reports within one month of the end of the year is an example of which enhancing quality of accounting information? ut of Select one: question a....

Q:

6) Ajournal entry to record a receipt of rent in advance will include a 5.88 Points debit to Rent Revenue credit to Rent Revenue credit to Unearned Revenue credit to Cash 7) An adjusting entry should...

Q:

This is my important final review for the test please give me a correct answers Please explain your answers: 1. Which of the following should be included in the physical inventory of a company? A)...

Q:

Can you answer all these questions? Fan Company's unadjusted trial balance for the year ended December 31, 2019 showed a Rent Expense account of P8,920. This balance was related to an 8 month lease...

Q:

An adjusting entry would never include which of the following accounts? O Unearned Revenue O Cash O Prepaid Rent Accumulated Depreciation Salary Payable

Q:

v Problem #1 (15 points) McDonald sold annual subscriptions to their magazine for $33,000 in December, 2015. The magazine is published monthly. The new subscribers received their first magazine in...

Q:

Better Publications, sold annual subscriptions to their magazine for $42,000 in December, 2013. The magazine is published monthly. The new subscribers received their first magazine in January, 2014....

Q:

11. The common differenced of the A.P. in which T, = 9 and T,T,T, is least is %3D 33 (A) 2 5 (B) 33 (C) 20 (D) None of these 11.ANS:C 12. If 1, 2, 3.... are first terms; 1, 3, 5.... are common...

Q:

Can the average speed and the magnitude of the average velocity ever be equal? If so, under what circumstances?

Q:

0 / 2 Submissions Used The following differential equation is separable as it is of the form d y d x = g ( x ) h ( y ) . d y - ( y - 2 ) 2 d x = 0 Find the following antiderivatives. d y h ( y ) = g...

Q:

Companies U and L are identical in every respect except that U is unlevered while L has $10 million of 5% bonds outstanding. Assume that (1) all of the MM assumption are met, (2) both firms arc...

Q:

Post-Balance-Sheet Events Keystone Corporation issued its financial statements for the year ended December 31, 2010, on March 10, 2011. The following events took place early in 2011. (a) On January...

Q:

A tractor acquired at a cost of $95,000 has an estimated residual value of $15,000, has an estimated useful life of 40,000 hours, and was operated 5,100 hours during the year. Determine (a) The...

Q:

Gerkin Pension Services Dana Lasket was the project manager of a project with the objective of determining the feasibility of moving a signifi cant portion of Gerkins computing capacity to another...

Q:

The accounts receivable clerk for Summit Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30: The following accounts were...

Q:

dy =y(1- 0.001y) 3. A certain rabbit population can be modeled with the logistic equation: dr where y(t) is the rabbit population at any time t. Given that the initial population is y(0) = 120...

Q:

Adams Company started operations on January 1, 2013. Six months later on June 30, 2013, the company decided to prepare financial statements. The companys accountant decided to problem solves for the...

Q:

Luol Deng CPA, was retained by Acie Cable to prepare financial statements for April 2012. Deng accumulated all the ledger balances per Acie?s records and found the following. Luol Deng reviewed the...

Q:

Joe Edmonds, CPA, was retained by Clark Cable Inc. to prepare financial statements for April 2011. Edmonds accumulated all the ledger balances per Clarks records and found the following. Joe Edmonds...

Q:

Dao Vang, CPA, was retained by Universal Cable to prepare financial statements for April 2014. Vang accumulated all the ledger balances per Universals records and found the following. Dao Vang...

Q:

Sara Yu, CPA, was retained by Info Cable to prepare financial statements for April 2014. Yu accumulated all the ledger balances per Info's records and found the following. Sara Yu reviewed the...

Q:

Casey Hartwig, CPA, was retained by Global Cable to prepare financial statements for April 2017. Hartwig accumulated all the ledger balances per Globals records and found the following. Casey Hartwig...