Reference no: EM132696834
Problem 1: For a prepaid expense, the adjusting entry would
1) Result in a debit to an expense account and a credit to an asset account
2) Cause a prepaid expense to be overstated and liabilities to be understated
3) Result in a credit to an expense account and a debit to an asset account
4) Result in a debit to a liability account and a credit to an asset account
5) Decrease cash
Problem 2: Before recording adjusting entries, the Office Supplies account had a $359 debit balance while a physical count of the supplies showed $105 of unused supplies on hand. Thus, the required adjusting entry is
1) Debit Office Supplies $105 and credit Office Supplies Expense $105
2) Debit Office Supplies Expense $254 and credit Office Supplies $254
3) Debit Office Supplies Expense $105 and credit Office Supplies $105
4) Debit Office Supplies $254 and credit Office Supplies Expense $254
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: Find What the required adjusting entry is? Before recording adjusting entries, the Office Supplies account had a $359 debit balance
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