Matching
Given the following adjustment data, state whether the resulting adjustment will be
Premises:
Prepaid insurance was used during the month.
Recorded salaries earned by employees at end of month, payment to be made early next month.
Performed services on account, payment to be received next month.
Recorded service revenue received in advance from clients.
Estimated current month's utilities bill and recorded the amount. The bill is to be received and paid next month.
Supplies were used during the month.
Responses:
deferral
accrual
Correct Answer:
Premises:
Responses:
Prepaid insurance was used during the month.
Recorded salaries earned by employees at end of month, payment to be made early next month.
Performed services on account, payment to be received next month.
Recorded service revenue received in advance from clients.
Estimated current month's utilities bill and recorded the amount. The bill is to be received and paid next month.
Supplies were used during the month.
Premises:
Prepaid insurance was used during the month.
Recorded salaries earned by employees at end of month, payment to be made early next month.
Performed services on account, payment to be received next month.
Recorded service revenue received in advance from clients.
Estimated current month's utilities bill and recorded the amount. The bill is to be received and paid next month.
Supplies were used during the month.
Responses:
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