Solution-Which transaction during the year would most

Which transaction during the year would most likely not need

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Problem 1: An adjusting entry can include a debit to a(n)

a. asset and a credit to a liability.

b. expense and a credit to a revenue.

C. liability and a credit to a revenue.

d. revenue and a credit to an asset.

Problem 2: The adjustment for that portion of revenue received in advance which now has been earned is to debit

a. Cash and credit Unearned Revenues.

b. Service Revenues and credit Unearned Revenues.

C. Unearned Revenues and credit Cash.

d. Unearned Revenues and credit Service Revenues.

Problem 3: Which of the following transactions during the year would most likely not need an adjusting entry at the end of the period?

a. Cash withdrawal by the owner.

b. Performance of a service that previously was paid for.

C. Purchase of a two-year insurance policy.

d. Purchase of office equipment.

Reference no: EM132789590

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Which transaction during the year would most likely not need

Reference no: EM132789590

Reference no: EM132789590

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