Reference no: EM132789592

Problem 1: An adjusting entry cannot include a debit to a(n)

a. asset and a credit to a liability.

b. asset and a credit to a revenue.

C. expense and a credit to an asset.

d. liability and a credit to a revenue.

Problem 2: An adjusting entry made to record accrued interest on a note payable due next year consists of a debit to

a. Interest Expense and a credit to Cash.

b. Interest Expense and a credit to Interest Payable.

C.Interest Expense and a credit to Notes Payable.

d. Interest Receivable and a credit to Interest Earned.

Problem 3: Failure to record depreciation at year-end will result in ai

a. overstatement of total assets.

b. overstatement of total liabilities.

C. understatement of profit.

d. understatement of total liabilities.