Question 50 prepaid expenses are 1 paid and recorded

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Question 50Prepaid expenses are1. paid and recorded in an asset account before they are used orconsumed.2. paid and recorded in an asset account after they are used orconsumed.3. incurred but not yet paid or recorded.4. incurred and already paid or recorded.
paid and recorded in an asset account before they are used or consumed.orrect Answerorrect Answerpaid and recorded in an asset account after they are used or consumed.ou Answeredou Answeredincurred but not yet paid or recorded.incurred and already paid or recorded.
10/10/2021Test #1 (just like you #1) Chapters 1-4 : Accounting Principles I : 21/FA : ACC-121-GW01 : 323720 / 1 ptsQuestion 51Unearned revenues areorrect Answerorrect Answer
22/32revenue for services performed and recorded as liabilities before they arereceived.ou Answeredou Answeredrevenue for services performed but not yet received in cash or recorded.1 / 1 ptsQuestion 52As prepaid expenses expire with the passage of time, the correctadjusting entry will be adebit to an asset account and a credit to an expense account.
10/10/2021Test #1 (just like you #1) Chapters 1-4 : Accounting Principles I : 21/FA : ACC-121-GW01 : 32372Correct!Correct!
23/32debit to an expense account and a credit to an expense account.debit to an asset account and a credit to an asset account.

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Term
Summer
Professor
NoProfessor
Tags
Balance Sheet, Generally Accepted Accounting Principles, Economic entity, Kevin Clein Company

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