NAME: ________________________

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of 7 available terms

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3 Written Questions

2 Multiple Choice Questions

  1. Debited - Expense.
    Credit - Liability
  2. Debited - Liability
    Credit - Revenue.

2 True/False Questions

  1. The adjusting process has two purpose:1. Measure business profit(revenue and expenses) in the income statement accurately.
    2. Update the balance sheet accounts(assets and liabilities).

          

  2. Every adjusting entry affects either an asset or a liablility.No adjusting entry debits or credits cash at bank because the cash transaction are recored at other times.

          

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