which of the following would cause a liability to be credited and an expense to be debited A) recorded the adjustment for the accrual of wages B) it is the end of the month and no utility bill has been received C) Recorded an accrued expense D) all of the above would have that effect
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what accounts would you process for each option?
in general: a liability account (payables, payroll, etc) (credited) and expense (debited) I think it's all of the above (answer D), but I can't find that in the text book I'm using
which of the following would cause a liability to be credited (right side) and an expense to be debited (left side)
awe - assets, withdrawls, and expenses area accounted for the same way. left side increases
and expense increase and a liablility increases is what we are looking for then.
A) recorded the adjustment for the accrual of wages
wages payable increases, wage expense is increases
B) it is the end of the month and no utility bill has been received
is this accrual or cash based?
C) Recorded an accrued expense
Can an expense accrue without a liability? are we to assume
the recording was to the book'?
D) all of the above would have that effect
The question is a bit vague to me. I am not sure if we should assume accrual accounting, or if we should assume correct transaction are recorded.
The only one that specifically spells out the process is A