Author Question: Expenses and expenditures are least likely to differ in amount for which type of transaction? A. ... (Read 26 times)

2125004343 · **on:** Jul 6, 2018

Expenses and expenditures are least likely to differ in amount for which type of transaction?

A. Salaries.
B. Capital asset purchases.
C. Debt principal retirements.
D. Depreciation on capital assets.

Question 2

If the Prepaid Insurance account had an unadjusted normal balance of 3,400, and an adjustment was made crediting the account for 800, then the account would appear on the work sheet as a(n)
a. 2,600 debit balance in the Balance Sheet columns.
b. 800 credit balance in the Income Statement columns.
c. 2,600 credit balance in the Adjusted Trial Balance columns.
d. 800 credit balance in the Balance Sheet columns.
e. 2,600 debit balance in the Income Statement columns.