A prepayment is originally recorded as an asset. An adjusting entry at the end of the accounting period results in a(n) Blank in the asset account and a(n) Blank in the expense account.

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31-05-2022
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A prepayment is originally recorded as an asset. An adjusting entry at the end of the accounting period results in a(n) Blank in the asset account and a(n) Blank in the expense account.

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kanikabajaj294 kanikabajaj294 · Answer 1 · 2022-06-14T08:20:23+02:00

A prepayment is originally recorded as an asset. An adjusting entry at the end of the accounting period that results in decrease in the asset account and an increase in the expense account.

What is an accounting period?

An accounting period refers to the period of time that covers certain accounting functions that can be either calendar or fiscal year.

A prepayment is originally recorded as an Asset. An adjusting entry at the end of the accounting period results in decrease in the asset account and an increase in the expense account.

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A prepayment is originally recorded as an asset. An adjusting entry at the end of the accounting period results in a(n) Blank______ in the asset account and a(n) Blank______ in the expense account.

Respuesta :

What is an accounting period?

Otras preguntas

A prepayment is originally recorded as an asset. An adjusting entry at the end of the accounting period results in a(n) Blank in the asset account and a(n) Blank in the expense account.