How well do you know Adjusting Entries?
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Let's check how well you understand Adjusting Entries. Here are 5 short questions:
1. Is “Deferred Revenue” an Asset or a Liability?
2. Is “Prepaid Expenses” an Asset or a Liability?
3. Is “Accrued Revenue” an Asset or a Liability?
4. Is “Unearned Revenue” an Asset or a Liability?
5. Is “Accrued Expenses” an Asset or a Liability?
Let us know how you scored in the comments.
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