Question: Match each situation below to two applicable reasons that require an adjustment to be made. Revenue has been generated. Expense has been incurred. Liability has

Match each situation below to two applicable reasons that require an adjustment to be made.

  1. Revenue has been generated.

  2. Expense has been incurred.

  3. Liability has been incurred.

  4. Liability has been fulfilled.

  5. Asset has been acquired.

  6. Asset has been used up.
Situation Reasons
1. IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month.
2. This month Apple, Inc., redeemed iTunes gift cards that had been issued last month. A, D
3. Schutt Sports used up some of the benefits of its football helmet manufacturing equipment.
4. Procter & Gamble received a bill for this months advertising services, which it will pay next month.

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