Match the Following Types of Adjusting Entries to the Listed

question 27

Multiple Choice

Match the following types of adjusting entries to the listed situation. (Choices may be used more than once.)
-Interest is earned but not yet collected

• A)a deferred (prepaid) expense
• B)a deferred (unearned) revenue
• C)an accrued expense
• D)an accrued revenue

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Definitions:

Expected Sales

The projected amount of sales revenue that a company anticipates to earn in a future period.

Financial Budgets

Plans that predict revenues, expenses, and cash flows over a specific period, helping businesses allocate resources and manage finances effectively.

Operating Budgets

Comprehensive financial plans used by an organization to forecast its expected revenues and expenses for a future period, guiding daily operations.

Budgeted Volume

The anticipated quantity or amount of sales, production, or activity planned for a future period.