(1)(1)(1) (1).pdf 1 / 6 ACC201 MIDTERM REVIEW Closing entries must be journalized and posted Which of the following describes the classification and normal balance of the AP account? liability, credit Unearned Fees appear on the balance sheet as a current liability Which of the following entries records the payment of a bill for your insurance premium? debit Prepaid Insurance; credit Cash Accumulated Depreciation appears on the balance sheet The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. Which of the following entries records the acquisition of an asset on account? asset, debit: AP. credit The adjusted trial balance Includes the postings of the adjustments for the period in the balance of the accounts. Which of the following entries records the acquisition of an asset on account? asset, debit; AP, credit The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. Wages Expense 4,500 Wages Payable 4,500 ???????????????? Record wages expense incurred and to be paid next month. (1)(1)(1) (1).pdf 1 / 6 ACC201 MIDTERM REVIEW Closing entries must be journalized and posted Which of the following describes the classification and normal balance of the AP account? liability, credit Unearned Fees appear on the balance sheet as a current liability Which of the following entries records the payment of a bill for your insurance premium? debit Prepaid Insurance; credit Cash Accumulated Depreciation appears on the balance sheet The adjusted trial balance includes the postings of the adjustments for the period in the balance of the accounts. Which of the following entries records the acquisition of an asset on account? asset, debit: AP. credit The adjusted trial balance Includes the postings of the adjustments for the period in the balance of the accounts. Which of the following entries records the acquisition of an asset on account? asset, debit; AP, credit The following adjusting journal entry found in the journal is missing an explanation. Select the best explanation for the entry. Wages Expense 4,500 Wages Payable 4,500 ???????????????? Record wages expense incurred and to be paid next month