Which of the following accounts would likely be included in an accrual adjusting entry? Insurance Expense...

Which of the following accounts would likely be included in an accrual adjusting entry?

		Insurance Expense
		Prepaid Rent
		Tax Expense
		Unearned Rent

Solutions

Expert Solution

Correct answer------Prepaid rent and Unearned rent

Prepaid rent will be adjusted with the amount of rent that has been expired. The entry would debit rent expense and credit prepaid rent.

Unearned rent will be adjusted with the amount of rent that has been earned during the period. The entry would include debit to unearned rent and credit to rent revenue.

ekkarill92 answered 1 year ago

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