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If you have difficulty answering the following questions, learn more about this topic by reading our Adjusting Entries (Explanation).
1. Adjusting entries are associated with this accounting principle. | MATCHING GACNIMTH | Unscramble |
2. These are a common type of adjusting entries. | ACCRUALS SCALUACR | Unscramble |
3. Another name for adjusting entries that involve prepayments. | DEFERRALS SERFRLADE | Unscramble |
4. The type of account involved with the deferral of revenues. | LIABILITY YILILBTIA | Unscramble |
5. This type of account is part of the entry to accrue revenues. | ASSET TESAS | Unscramble |
6. An accrual entry involving a liability will also include this type of account. | EXPENSE PNXEEES | Unscramble |
7. A common adjusting entry pertaining to plant assets is the recording of ______________. | DEPRECIATION EDCTORIIPEAN | Unscramble |
8. The contra account to accounts receivable is the ____________ for doubtful accounts. | ALLOWANCE CAWLNALOE | Unscramble |
9. Adjusting entries are usually dated as of the date of the _________ sheet. | BALANCE ALCNBAE | Unscramble |
10. _________-type adjusting entries are often reversed on the first day of the next accounting period. | ACCRUAL CUCLARA | Unscramble |
11. The expired amount of prepaid insurance premiums should be reported in the account Insurance __________. | EXPENSE NEESPEX | Unscramble |
12. An accrual that leads to an increase in assets will likely involve ___________. | REVENUES SUVENEER | Unscramble |
13. Each adjusting entry affects at least one _________ statement account. | INCOME OMINEC | Unscramble |
14. The account credited in the adjusting entry for depreciation is ______________ Depreciation. | ACCUMULATED DAMETUCAUCL | Unscramble |
15. One purpose of adjusting entries is to report revenues in the accounting period in which they are __________. | EARNED DEERNA | Unscramble |
16. Accruing revenues will include a debit to a _____________ account. | RECEIVABLE CLEAVEIBER | Unscramble |
17. Accruing expenses will include a credit to a ___________ account. | LIABILITY TAILBYIIL | Unscramble |
18. To avoid the double counting of accrued expenses, ____________ entries are made on the first day of the next accounting period. | REVERSING SNEGRIVER | Unscramble |
19. An expense incurred but not yet recorded or paid will require an ___________-type adjusting entry. | ACCRUAL URCACLA | Unscramble |
20. ____________ revenues should be reported as a liability. | UNEARNED ANUNDREE | Unscramble |
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