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need help answering questions 3. What is the deferral adjustment associated with deferred revenue? a. Dr. Deferred Revenue (liability - BS), Cr. Revenue (revenue -
need help answering questions
3. What is the deferral adjustment associated with deferred revenue? a. Dr. Deferred Revenue (liability - BS), Cr. Revenue (revenue - IS) 4. What is the deferral adjustment associated with a prepaid asset? a. Dr. Expense (expense - IS), Cr. Prepaid Asset (asset - BS) b. Given a series of information, calculate the amount of expense associated with the deferral adjustment of a prepaid asset. 5. What is the accrual adjustment associated with an expense account? a. Dr. Expense (expense - IS), Cr. Liability (liability - BS) b. Why would you record an accrual adjustment associated with an expense account? You incurred the expense, but did not yet pay it. 6. What is the accrual adjustment associated with a revenue account? a. Dr. A/R (asset - BS), Cr. Revenue (revenue - IS) b. Given a series of information, determine the appropriate date to record Service Revenue. 3. What is the deferral adjustment associated with deferred revenue? a. Dr. Deferred Revenue (liability - BS), Cr. Revenue (revenue - IS) 4. What is the deferral adjustment associated with a prepaid asset? a. Dr. Expense (expense - IS), Cr. Prepaid Asset (asset - BS) b. Given a series of information, calculate the amount of expense associated with the deferral adjustment of a prepaid asset. 5. What is the accrual adjustment associated with an expense account? a. Dr. Expense (expense - IS), Cr. Liability (liability - BS) b. Why would you record an accrual adjustment associated with an expense account? You incurred the expense, but did not yet pay it. 6. What is the accrual adjustment associated with a revenue account? a. Dr. A/R (asset - BS), Cr. Revenue (revenue - IS) b. Given a series of information, determine the appropriate date to record Service Revenue Step by Step Solution
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