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Q 1/10
Score 0
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Paid six months of rent, $4,800
30
Deferred Revenue
Accrued Expense
Accrued Revenue
Deferred expense
Q 2/10
Score 0
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Received $1,200 from customer for six-month service contract
30
Deferred Expense
Accrued Revenue
Deferred Revenue
Accrued Expense
10 questions
Q.
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Paid six months of rent, $4,800
1
30 sec
Q.
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Received $1,200 from customer for six-month service contract
2
30 sec
Q.
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Purchased a computer for $1,000.
3
30 sec
Q.
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Purchased $300 of office supplies on account.
4
30 sec
Q.
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Work performed but not yet billed to customer, $500.
5
30 sec
Q.
For each transaction, identify what type of adjusting entry would be needed. Select from the following four types of adjusting entries: deferred expense, deferred revenue, accrued expense, and accrued revenue. Employees earned $600 in salaries that will be paid next month.
6
30 sec
Q.
Accounting method that records revenues only when cash is received and expenses only when cash is paid.
7
30 sec
Q.
Accounting method that records revenues when earned and expenses when incurred.
8
30 sec
Q.
An accounting year of any 12 consecutive months that may or may not coincide with the calendar year.
9
30 sec
Q.
Requires companies to record revenue when (or as) the entity satisfies each performance obligation.
