Match Each Journal Entry That Follows as One of the Types

question 191

Multiple Choice

Match each journal entry that follows as one of the types of journal entries (a-c) below.
-​Cash 450
Fees Earned 450

• A)Journal entries
• B)Adjusting journal entries
• C)Closing journal entries

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Definitions:

Asset Recognition

The criteria and process for including items as assets in the financial statements.

Line-by-Line Method

A method of accounting where the revenues and expenses of subsidiaries are added line-by-line to those of the parent company for consolidated financial reporting.

Jointly Controlled Operations

Business activities that are controlled and managed by two or more parties under a joint agreement, sharing both the benefits and obligations.

Jointly Controlled Assets

Assets that are controlled and managed under a contractual arrangement by two or more parties, each having shared control over the economic benefits.