Your answer transfers the used portion to an asset

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Your Answer:transfers the used portion to an asset accounttransfers the unused portion to an asset accountCORRECTtransfers the used portion to an expense accountimpossible to determine without more information
Points Received:1 of 1Comments:18.Question: When a prepaid expense is initially recorded as an expense, the adjusting entry would include a_______.
Points Received:1 of 1Comments:19.Question: When a prepaid expense is initially recorded as an expense, the adjusting entry has the following effect on net income_______.
Points Received:1 of 1Comments:20.Question: When an unearned revenue is initially recorded as a revenue, the adjusting entry_______.
Points 1 of 1Page 4 of 7SHANNA HAWXHURST: Week 3 Quiz9/7/2008...
Received:Comments:21.Question: When an unearned revenue is initially recorded as a revenue, the adjusting entry would include a(n) _______. Your Answer:credit to a liabilityCORRECTdebit to a liabilitydebit to an assetcredit to revenue
Points Received:1 of 1Comments:22.Question: When an unearned revenue is initially recorded as a revenue, the adjusting entry would affect net income as follows_______.
Points Received:1 of 1Comments:23.Question: When an unearned revenue is initially recorded as a revenue, the adjusting entry has the following effect on the financial statements_______.
Points Received:1 of 1Comments:24.Question: On October 1, 20X4, Five Brothers Company pays $72,000 cash for eight months rent. The amount of the adjusting entry on December 31, 20X4, would be_______.
Points Received:1 of 1Comments:25.Question: The supplies account shows a beginning balance of $3,000. Assume the supplies account shows a debit for $5,500 representing supplies purchased during the period and the supplies inventory at year-end is $1,700. The adjusting entry involves a_______. Your Answer:debit to supplies expense for $6,800CORRECTdebit to supplies for $6,800debit to supplies expense for $1,700debit to supplies for $1,700
Points Received:1 of 1Comments:Page 5 of 7SHANNA HAWXHURST: Week 3 Quiz9/7/2008...
26.Question: A business pays weekly salaries on Friday of $25,000 for a five-day week ending on Friday. Assuming the fiscal period ends on a Thursday, the adjusting entry for accrued salaries would involve a_______.
Points Received:1 of 1Comments:27.Question: Lynwood Company prepaid 24 months of rent in advance on October 1, 20X5. Lynwood Company debited rent expense for the entire amount of $12,000. The adjusting entry on December 31, 20X5, would include a_______.

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