Avalon Event Planning Services Records Deferred Expenses and Deferred Revenues

question 142

True/False

Avalon Event Planning Services records deferred expenses and deferred revenues using the alternative treatments.It makes adjusting entries as needed to bring its books to the full accrual basis once a year at the end of the year.On October 1,it paid $3,700 for insurance for a one-year period.At the end of the year,it will make an adjusting entry that debits Insurance Expense for $1,850.

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