Multiple Choice
The entry to journalize an adjusting entry for interest income is
A) debit Income Summary; credit Interest Income.
B) debit Interest Income; credit Income Summary.
C) debit Interest Income; credit Interest Receivable.
D) debit Interest Receivable; credit Interest Income.
Correct Answer:
Verified
Correct Answer:
Verified
Q11: Accounting procedures require that revenue and expenses
Q12: After adjustments at the end of a
Q13: The entry to journalize the adjusting entry
Q14: The entry to journalize the reversing entry
Q15: The reversing entry for accrued interest income
Q17: The closing entry for interest income is<br>A)
Q18: The reversing entry for accrued interest expense
Q19: The adjusting entry for prepaid rent is<br>A)
Q20: Select the one term that best fits
Q21: Select the one term that best fits