Matching
State whether each situation is a deferral or an accrual.
Premises:
Depreciation on machinery is $7,200 for the accounting period.
Commissions amounting to $975 were earned but not yet collected by year end.
Office supplies of $965 were on hand at the beginning of the period.Purchases of office supplies during the period totaled $640.At the end of the period,$120 in office supplies remained.
Interest that has been incurred on a loan but that has not yet been paid or recorded is $675.
Prepaid Rent had a $2,500 balance prior to adjustment.By year end,50 percent had expired.
Responses:
Accural
Deferral
Correct Answer:
Premises:
Responses:
Depreciation on machinery is $7,200 for the accounting period.
Commissions amounting to $975 were earned but not yet collected by year end.
Office supplies of $965 were on hand at the beginning of the period.Purchases of office supplies during the period totaled $640.At the end of the period,$120 in office supplies remained.
Interest that has been incurred on a loan but that has not yet been paid or recorded is $675.
Prepaid Rent had a $2,500 balance prior to adjustment.By year end,50 percent had expired.
Premises:
Depreciation on machinery is $7,200 for the accounting period.
Commissions amounting to $975 were earned but not yet collected by year end.
Office supplies of $965 were on hand at the beginning of the period.Purchases of office supplies during the period totaled $640.At the end of the period,$120 in office supplies remained.
Interest that has been incurred on a loan but that has not yet been paid or recorded is $675.
Prepaid Rent had a $2,500 balance prior to adjustment.By year end,50 percent had expired.
Responses:
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