the adjusting entry required to record accrued expenses includes

At the end of the accounting period, the company recognizes these obligations by preparing an adjusting entry including both a liability and an expense. The company estimates that $1,200 of the year-end receivables will not be collected. A debit to an asset. 2.The journal to record an accrued expense includes a credit to which account? Adjusting entries are required at the end of each fiscal period to align the revenues and expenses to the “right” period, in accord with the matching principle Matching Principle The matching principle is an accounting concept that dictates that companies report expenses at the same time as the revenues they are related to. Show transcribed image text. An accountant records unpaid salaries as a liability and an expense because the company has incurred an expense. B. See the answer. Adjusting entries allow you to adjust income and expense … An adjusting entry to record an accrued expense involves a debit to a(n) A. Liabilty account and a credit to an expense account. A company usually recognizes an increase in accrued expenses immediately as it occurs. A credit to cash. 44. B. Over at Sales Rep Company, for its financial statements to comply with the accrual method of accounting it needs to record the following accrual adjusting entry as of December 31 (assuming its billing will take place in early January): debit the asset account Commissions Receivable for $5,000; credit Commissions Revenues for $5,000. Balance sheet liability account Right! D. A credit to liability. If an adjusting entry is not made to accrue expenses, then the balance sheet liabilities will be? Maintenance of so many accrued expenses every day, day after day, is a difficult job for an accountant. A set of accrual or deferral journal entries with the corresponding adjusting entry provides a complete picture of the transaction and its cash settlement. To follow this principle, adjusting entries are journal entries made at the end of an accounting period or at any time financial statements are to be prepared to bring about a proper matching of revenues and expenses. B. A debit to an asset. A credit to an asset. A debit to an asset. Expert Answer A credit to cash. Essential Points to Note about Accrued Expense Journal Entry. A credit to cash. C. A credit to an asset. Expense account Wrong. It is credited to accrued expenses on the liability side of the balance sheet. 2) Ace Bonding Company purchased merchandise inventory on account. 1) The adjusting entry required to record accrued expenses includes: A credit to liability. The inventory costs $3,100 and is expected to sell for $5,200. A credit to an asset. Question: The Adjusting Entry To Record Accrued Expenses Includes A This problem has been solved! Adjusting Entries – Why Do We Need Adjusting Journal Entries? C. Expense account and a credit to cash. 1) The adjusting entry required to record accrued expenses includes: A credit to liability. This preview shows page 86 - 89 out of 183 pages.. 44. 2) On December 31, 2016, the end of Larry's Used Cars' first year of operations, the accounts receivable was $53,600. D. Expense account and a credit to a liability account. A debit to an asset. Expense account and a credit to a prepaid account. The adjusting entry required to record accrued expenses includes: A. 3. For this reason, we also call these obligations accrued expenses. A credit to cash. The adjusting entry required to record accrued expenses includes: A. Adjusting entries are Step 5 in the accounting cycle and an important part of accrual accounting. To a prepaid account will be out of 183 pages.. 44 Step 5 in the accounting cycle an... Expected to sell for $ 5,200: the adjusting entry is not made to accrue,... 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