ch.4 review questions - Deferral Adjustments Accrual...

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Deferral  Adjustments Other  Terms  Review  Potpourri $ 100 $ 100 $ 100 $ 200 $ 200 $ 200 $ 300 $ 300 $ 300 $ 400 $ 400 $ 400 $ 500 Accounting  Process $ 400 $ 100 $ 200 $ 300 $ 500 Accrual  Adjustments $ 100 $ 200 $ 300 $ 400 $ 500 $ 500 $ 500
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Deferral Adjustments - $100 Type of adjustments used for updating accounts.   Involves previously recorded transactions. What are Deferral Adjustments? Back to Board
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Deferral Adjustments - $200 The type of account (balance sheet or income  statement) that a deferral adjustment causes to  decrease. What is “balance sheet”?  Back to Board
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Deferral Adjustments - $300 The accounts affected when a physical count  discovers that $50 of supplies were used in the  period. What are Supplies Expense (increase, debited)  and Supplies (decrease, credited) Back to Board
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Deferral Adjustments - $400 Accounts affected when $200 of prepaid  insurance is used up during the period. What are Insurance Expense (increase, debited)  and Prepaid Insurance (decrease, credited)? Back to Board
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Deferral Adjustments - $500 The accounts affected when part of the cost of  property and equipment are expensed in  accordance with the matching principle. What are Depreciation Expense (increase,  debited) and Accumulated Depreciation: Property  and Equipment (increase, credited) Back to Board
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Accrual Adjustments - $100 Type of adjustment used to include transactions  that were not previously recorded.
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