Adjusting Entries: Accrued Expenses Video Lessons

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Problem: Of the following adjusting entries, which one results in an increase in liabilities and the recognition of an expense at the end of an accounting period? a. The entry to record interest accrued on a note payable. b. The entry to record revenue earned but not yet collected or recorded. c. The entry to record earned portion of rent previously received in advance from a tenant. d. The entry to record the portion of unexpired insurance used.

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Problem Details

Of the following adjusting entries, which one results in an increase in liabilities and the recognition of an expense at the end of an accounting period?

a. The entry to record interest accrued on a note payable.

b. The entry to record revenue earned but not yet collected or recorded.

c. The entry to record earned portion of rent previously received in advance from a tenant.

d. The entry to record the portion of unexpired insurance used.

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Based on our data, we think this problem is relevant for Professor Reinking's class at UCF.