Match the Following Types of Adjusting Entries to the Listed

question 130

Multiple Choice

Match the following types of adjusting entries to the listed situation. (Choices may be used more than once.)
-Depreciation on a building is recorded

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

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Definitions:

Limited Liability Partnership

A partnership in which some or all partners have limited liabilities, meaning they are not personally responsible for the debts of the business.

Closing Entry

A journal entry made at the end of an accounting period to transfer the balance from temporary accounts to permanent ones, prepping the books for the next period.

Withdrawn

Refers to the act of removing funds from an account or canceling a financial transaction or operation.

Salaries

Regular payments made to employees for their service during a set period, not depending on hours worked.