Quiz – End of Period
Intermediate Accounting
Spiceland, Nelson, and Thomas
10th Edition
Suppose an end-of-period adjusting entry uses a debit to supplies expense; this usual credit entry is made:
Suppose an end-of-period adjusting entry uses a debit to supplies expense; this usual credit entry is made:
The recognition of which of the following expenses is an example of matching expenses with the revenues they produced?
Asks which is a long-term asset
Permanent accounts do not include what :
Recording revenue before it is collected would be an example of what:
Asks which is NOT temporary
XYZ Corporation receives cash from investors for issuing shares of its common stock. XYZ’s journal entry to would include a:
Assets minus liabilities equals owners’ equity.
Asset accounts increase and liability accounts decrease with debits.
Temporary accounts are used to describe balance sheet accounts because their balances are in constant flux.