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ACCT 327 > 2-4 Objective Demos > Flashcards

2-4 Objective Demos Flashcards

1
Q

Identify the overstatement/understatement of accounts and the adjusting journal entry for the journal entry:

Deferral of Expense

A 
Before Adjusting Journal Entry: 
Asset Overstated
Expense Understated
Adjusting Journal Entry:
Debit Expense
Credit Asset
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2
Q

Identify the overstatement/understatement of accounts and the adjusting journal entry for the journal entry:

Deferral of Revenue

A 
Before Adjusting Entry: 
Liability overstated
Revenue understated
Adjusting Journal Entry:
Debit Liability
Credit Revenue
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3
Q

Identify the overstatement/understatement of accounts and the adjusting journal entry for the journal entry:

Accrual of Expense

A 
Before Adjusting Journal Entry:
Liability understated
Expense understated
Adjusting Journal Entry:
Debit Expense
Credit Liability
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4
Q

Identify the overstatement/understatement of accounts and the adjusting journal entry for the journal entry:

Accrual of Revenue

A 
Before Adjusting Journal Entry:
Asset Understated
Revenue Understated
Adjusting Journal Entry:
Debit Asset
Credit Revenue
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ACCT 327 (31 decks)

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