the adjusting entry required to record accrued expenses includes

A debit to an asset. B. A credit to an asset. C. Expense account and a credit to cash. The inventory costs $3,100 and is expected to sell for $5,200. B. The adjusting entry required to record accrued expenses includes: A. A debit to an asset. The company estimates that $1,200 of the year-end receivables will not be collected. Expense account and a credit to a prepaid account. Expert Answer If an adjusting entry is not made to accrue expenses, then the balance sheet liabilities will be? A credit to cash. At the end of the accounting period, the company recognizes these obligations by preparing an adjusting entry including both a liability and an expense. Adjusting Entries – Why Do We Need Adjusting Journal Entries? A credit to cash. B. A credit to an asset. Expense account Wrong. Maintenance of so many accrued expenses every day, day after day, is a difficult job for an accountant. A set of accrual or deferral journal entries with the corresponding adjusting entry provides a complete picture of the transaction and its cash settlement. 1) The adjusting entry required to record accrued expenses includes: A credit to liability. It is credited to accrued expenses on the liability side of the balance sheet. 2.The journal to record an accrued expense includes a credit to which account? An accountant records unpaid salaries as a liability and an expense because the company has incurred an expense. 2) On December 31, 2016, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,600. 44. A company usually recognizes an increase in accrued expenses immediately as it occurs. See the answer. A credit to cash. 2) Ace Bonding Company purchased merchandise inventory on account. A debit to an asset. D. Expense account and a credit to a liability account. To follow this principle, adjusting entries are journal entries made at the end of an accounting period or at any time financial statements are to be prepared to bring about a proper matching of revenues and expenses. 3. Adjusting entries are Step 5 in the accounting cycle and an important part of accrual accounting. D. A credit to liability. A credit to cash. C. A credit to an asset. Essential Points to Note about Accrued Expense Journal Entry. Adjusting entries are required at the end of each fiscal period to align the revenues and expenses to the “right” period, in accord with the matching principle Matching Principle The matching principle is an accounting concept that dictates that companies report expenses at the same time as the revenues they are related to. A debit to an asset. The adjusting entry required to record accrued expenses includes: A. Adjusting entries allow you to adjust income and expense … This preview shows page 86 - 89 out of 183 pages.. 44. 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