Match each situation below to two applicable reasons that require an adjustment to be made.

A.Revenue has been earned.
B. Expense has been incurred.
C.Liability has been incurred.
D. Liability has been fulfilled.
E. Asset has been acquired.
F. Asset has been used up

1) Delta Airlines provided flights this month for customers who paid cash last month for tickets ___
2) GSD+M completed work on an advertising campaign that will be collected next month _
3) Abercrombie received a telephone bill for services this month, which must be paid next month_
4) The Tiger Woods Foundation used up some of the benefits of its 35,000-square-foot building_
5) IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month
6) This month Apple, Inc. redeemed iTunes gift cards that had been issued last month
7) Schutt Sports used up some of the benefits of its football helmet manufacturing equipment
8) Procter & Gamble received a bill for this months advertising services, which it will pay next month_

1) Delta Airlines provided flights this month for customers who paid cash last month for tickets. Revenue has been earned. Liability has been incurred.

2) GSD+M completed work on an advertising campaign that will be collected next month. Revenue has been earned. Asset has been acquired.

3) Abercrombie received a telephone bill for services this month, which must be paid next month. Expense has been incurred. Liability has been incurred.

4) The Tiger Woods Foundation used up some of the benefits of its 35,000-square-foot building. Expense has been incurred. Asset has been used up.

5) IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month. Revenue has been earned. Asset has been acquired.

6) This month Apple, Inc. redeemed iTunes gift cards that had been issued last month. Revenue has been earned. Liability has been incurred.

7) Schutt Sports used up some of the benefits of its football helmet manufacturing equipment. Expense has been incurred. Asset has been used up.

8) Procter & Gamble received a bill for this months advertising services, which it will pay next month. Expense has been incurred. Liability has been incurred.

anthougo anthougo · Answer 2 · 2022-01-25T14:43:42+01:00

Matching each situation with two applicable reasons for requiring an adjustment is as follows:

Situation Applicable Reasons

1. A. Revenue has been earned and E. Asset has been acquired.

The revenue earned is a service revenue from flight operations with the asset in the form of Cash.

2. A. Revenue has been earned and E. Asset has been acquired.

This is a service revenue from advertising services and the asset acquired is Accounts Receivable.

3. B. Expense has been incurred and C. Liability has been incurred.

This transaction generates an accrued liability for an expense already used.

4. F. Asset has been used up and B. Expense has been incurred.

5. A. Revenue has been earned and E. Asset has been acquired.

6. B. Expense has been incurred. D. Liability has been fulfilled.

7. F. Asset has been used up and B. Expense has been incurred.

8. B. Expense has been incurred and C. Liability has been incurred.

Thus, each situation with the two applicable reasons for requiring an adjustment has been matched, accordingly.

Learn more about matching revenues and expenses at https://brainly.com/question/4127629