BUSINESS ADMINISTRATION
FINANCIAL ACCOUNTING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of these is not an adjusting entry
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Prepaid expense
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Accrued expense
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Revenue earned
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Accrued Revenue
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Explanation:
Detailed explanation-1: -On the financial statements, accrued revenue is reported as an adjusting journal entry under current assets on the balance sheet and as earned revenue on the income statement of a company. When the payment is made, it is recorded as an adjusting entry to the asset account for accrued revenue.
Detailed explanation-2: -Every adjusting entry will have at least one income statement account and one balance sheet account. Cash will never be in an adjusting entry.
Detailed explanation-3: -Answer and Explanation: Explanation: Cash is never involved in adjusting entries.
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