Adjusting entries – Fill in the blanks

1. Unearned income is shown in the balance sheet as .

2. Expired cost of any fixed asset means .

3. Interest received in advance is a liability that is known as .

4. Income that has been received in advance is known as .

5. Prepaid rent is categorized as .

6. are expenses that have been incurred but not paid till the end of the accounting period.

7. Revenue earned but not received till the end of the accounting period is known as .

8. Expenses paid in advance are known as .

9. Salaries amounting to $600 are outstanding till the end of the accounting period. Salaries expense account will be debited and account will be credited While making an adjusting entry for it.

10. A trial balance prepared after taking into account the effect of adjusting entries is known as .

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