Examlex
The accountant of Omega Company failed to make an adjusting entry to record $6,000 of unearned service revenue that has now been earned.Assume the deferred revenue was initially recorded as a liability.Which of the following statements is TRUE?
T Account
A T account is a visual aid in accounting used to depict the debits and credits of a particular ledger account, facilitating the understanding and analysis of transactions.
Balance Entered
A term that is not typically used in standard financial or accounting lexicon; it could imply recording or entering a balance into financial records. NO.
Trial Balance Preparation
The process of creating a trial balance, which is a bookkeeping worksheet listing the balance of all ledgers for checking the mathematical correctness of the books.
Account Balance
The amount of money in a financial repository at any given moment, which can represent credit or debit balances.
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