Question: When recording an adjusting entry for a prepaid expense O a. an asset account is debited. b. a liability account is debited. O c. an

When recording an adjusting entry for a prepaid expense O a. an asset account is debited. b. a liability account is debited. O

When recording an adjusting entry for a prepaid expense O a. an asset account is debited. b. a liability account is debited. O c. an expense account is credited. O d. an asset account is credited. Which of the following is true regarding adjusting entries? O a. Adjusting entries are not posted to the ledger. O b. Adjusting entries are dated as of the first day of the new accounting period. c. Adjusting entries are optional with accrual-basis accounting. Od. Adjusting entries are usually recorded after the end of the period but are dated as of the last day of the period

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