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Home Q & A Board Other Fields Homework Help Business Accounting
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goji.go goji.go
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Posts: 5977
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9 years ago
Elsie owns a small business. At the end of the month, Elsie needed to make adjusting entries to prepare statements on the accrual basis. Which two of the following six possibilities occurred as a result of each of the following adjustments - an asset increased, an asset decreased, a liability increased, a liability decreased, equity increased, or equity decreased:
      a.   An accrual for salaries that were due to an employee, but were not paid
      b.   An adjustment for depreciation on Elsie's store fixtures
      c.   An adjustment for the expiration of prepaid insurance
      d.   An accrual for interest earned on a certificate of deposit that had not matured
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Diesel
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Answer accepted by topic starter
f_zah1f_zah1
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#1
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9 years ago
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goji.go Author
wrote...
#2
9 years ago
Thanks so much f_zah1.

You were correct Smiling Face with Open Mouth
Diesel
wrote...
#3
9 years ago
You're very welcome!
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