for each of the following items select the letter of the answer that best describes 4352189


For each of the following items, select the letter of the answer that best describes the end-of-period adjustment required for an item.

a.Increase asset, increase revenue

b.Decrease asset, increase expense

c.Decrease liability, increase revenue

d.Increase liability, increase expense

33.At the end of a month, employees are owed $2,300 for wages they have earned but will not receive until paid next month

34.A landlord has not yet collected the past month’s rent from a tenent.

35.The firm has plant assets on which $5,000 depreciation must be recorded.

36.On October 1, the firm received an advance payment from a customer and recorded it as a liability. One-fourth of the advance has been earned.

37.The Supplies account has a $1,200 balance. A physical count reveals that $400 of supplies are on hand.

38.Income taxes for the period have not yet been recorded.


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