Which of the following adjustments may be reversed?A. the adjustment to accrue Salaries PayableB. the adjustment for Petty Cash replenishmentC. the adjustment to allocate Prepaid Insurance to the current periodD. the adjustment to record Depreciation Expense

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09-12-2022
Business

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Which of the following adjustments may be reversed?A. the adjustment to accrue Salaries PayableB. the adjustment for Petty Cash replenishmentC. the adjustment to allocate Prepaid Insurance to the current periodD. the adjustment to record Depreciation Expense

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Tutorconsortium509 Tutorconsortium509 · Answer 1 · 2022-12-16T06:31:47+01:00

At the beginning of the period, entries relating to accumulated income, unearned revenue, prepaid expenses, and accrued expenses can be reversed. So, choice "a" is the right one.

What does accrued income?

Income that has been earned but hasn't yet been collected is referred to as accrued income. Accrued income can be received by both people and businesses. Accrued revenue is listed on the book when it is made even though it has not yet been received.

How should accrued income be recorded?

Accrued revenue is shown on a company's financial accounts as earned revenue here on financial statements and as an adjusted journal entry under present assets in the balance sheet. The payment is reported as such an adjusting entry to a asset's value for accumulated revenue at the time it is made.

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