Multiple Choice
If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve
A) a liability account and an asset account.
B) an asset or contra-asset and an expense account.
C) a liability account and an expense account.
D) a receivable account and a revenue account.
Correct Answer:

Verified
Correct Answer:
Verified
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