3 6 9 12 15 8 21 4 27 A prepaid expense is categorized as an asset because it is an expense waiting to be transfered A) True B) False Question 43 (1 point) If $3,000 has been earned by a company's workers since the last payday in an accounting period, the necessary adjusting entry would be: A) Debit a liability and credit an expense B) Debit an expense and credit an asset C) Debit a liability and credit an asset D) Debit an expense and credit a liability Question 44 (1 point) Accumulated Depreciation is A) is the original cost of the asset B) is the credit entry for depreciation expense journal entry C) is the book value of the asset