Adv. Accounting - Ch. 9 Review

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The adjusting entry for accrued interest debits an expense account and credits a liability account. So, the closing entry debits a liability account and credits an expense account.

When a note is paid at maturity, the credit is to Cash. The debit(s) are to

An entry that is the exact opposite of an adjusting entry is known as a(n)

Expenses paid in one fiscal period but not reported as expenses until a later fiscal period are known as

The closing entry for Office Supplies Expense would be a debit to Office Supplies Expense and a credit to Income Summary.

Companies reverse accrued salary entries so that they do not have to remember that the payroll liability accounts reflect an expense from the previous accounting period.

Adjusting entries for prepaid expenses recognize the portion of the asset used in the current period as an asset.

If corporations record employee income tax payable, they do not need to record federal income tax expense.