Acct. Test Bank #4 Adjusting Entries

A trial balance lists all accounts and displays their debit or credit balances as of a specific date.

Accounts are listed properly on the trial balance in the order: assets, liabilities, capital withdrawls, revenue and expenses

The balances of accounts included in an unadjusted trial balance come from the general ledger.

A benefit of the trial balance is that it helps to ensure that _____.

Place the account types in the order they are listed within the trial balance.

A deferred expense is one that is incurred before payment has been made.

An example of accrued revenue is unearned revenue.

An accrued expense requires a debit to an expense account and a credit to a liability account.

What would the adjusting entry to account for the use of supplies consist of?

Employee wages earned, but not yet paid, for a given period are $1,800. What is the adjusting entry?