Accountıng I Deneme Sınavı Sorusu #1272972

According to the accrual basis accounting, earned revenues are recorded when they are earned. How should the company make the adjusting entry for accrued revenues?


The company debits an asset account and credits a liability account. 

The company debits a liability account and credits a revenue account.

The company debits a liability account and credits an asset account. 

The company debits an asset account and credits a revenue account.

The company debits an expense account and credits a liability account. 


Yanıt Açıklaması:

Revenues earned by performing a service or delivering goods but not yet recorded at the end of the period are accrued revenues. According to the accrual basis accounting, earned revenues are recorded when they are earned. Any revenues earned but not recorded during an accounting period require an adjusting entry that debits an asset account and credits a revenue account. The correct answer is D.

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