Question: The adjusting entry for a prepaid expense includes a debit to a ( n ) account and a credit to a ( n ) account.

The adjusting entry for a prepaid expense includes a debit to a(n)
account and a credit to a(n)
account.
revenue; liability
expense; asset
asset; expense
liability; revenue
The adjusting entry for a prepaid expense includes a debit to

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock 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:

The adjusting entry for a prepaid expense always involves A . a liability account and a revenue account B . an asset account and a liability account C . an expense account and a liability account D ....

Q:

Question 19 2.5 pts Using the aging method, estimated uncollectible accounts are $3,000. If the balance in the Allowance for Doubtful Accounts is a $600 debit before adjustment, what is the Bad Debts...

Q:

7At December 31, 201X, Brooke's Horse Stable unadjusted Allowance for Doubtful Accounts showed a credit balance of $432. An aging of the Accounts Receivable indicates probable uncollectible accounts...

Q:

he adjusting entry to record depreciation includes a. a debit to a liability account. b. a debit to an asset account c. a debit to an expense account. d. None of these choices are correct

Q:

I'm NOT just looking for answers (ie. A, B, C, etc). I want to understand the material as best as possible, so please give an explanation for each question and answer. I'll give ya a big thumbs up....

Q:

There are 13 questions Question 3 0 out of 3 points Copper Company engaged in the following transactions during April: Performed services for cash $215,000 Performed services on credit 108,000...

Q:

Question 27 Which of the following is a correct adjusting entry for prepayments under Expense Method? Debit - Liability account ; Credit - Revenue account Debit - Expense account ; Credit - Prepaid...

Q:

Question 1 Which of the following does not affect equity? Cash received Dividends declared Expenses incurred Revenue earned Question 2 1 pts 1 pts Recording the adjusting entry for a prepaid expense...

Q:

14. The current FUTA tax rate is 0.6%, and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee's pay. Assume that an employee earned total wages of $9,900. What is...

Q:

Use the following information for Meeker Corporation to determine the amount of equity to report. Cash $ 83,000 Buildings 131 , 500 Land 223,000 Liabilities 138 , 000 Multiple Choice 0 $299,500. O...

Q:

Poultry Pete's regularly purchases laying hens. The terms of payment are 3/15 net 60. Pete is not sure they will have the $50,000 to take advantage of the discount so he has instructed his CFO to...

Q:

Assume that the risk-free rate is 4.7 percent, and that the market risk premium is 7.1 percent. If a stock has a required rate of return of 11.8 percent, what is its beta ? Show your answer to 2...

Q:

Your home and property have a market value of $ 2 0 0 , 0 0 0 . Since you want to make sure that you meet the coinsurance provisions ( 8 0 % ) , you should have at least of insurance. $ 2 2 0 , 0 0 0...

Q:

1 0 2 4 blocks, 2 bytes / block