ACCT Chapter 3 Quiz (9/10)

The adjusting entry to record interest earned during the period includes a:

Credit to Interest Revenue

An adjusted trial balance

(not sure) All of the answer choices are correct

Recording salaries owed to employees that will not be paid by the company until the following accounting period is an example of a(n):

Accrued expense

Financial statements are prepared from which of the following trial balances?

Adjusted trial balance

The adjusting entry to record supplies used during the period includes a:

Debit to Supplies Expense

The balance of retained earnings in the adjusted trial balance:

Equals the balance of retained earnings at the beginning of the accounting period

The revenue recognition principle states that companies typically record revenue:

In the period in which we provide goods and services to customers

Under accrual-basis accounting, companies typically report expenses:

In the same period as the revenue they help to generate

Closing entries are:

Made to transfer the balances of temporary accounts to retained earnings

On September 9, Clearmore Services receives a request for services from a customer. The service is scheduled for September 15. On September 15, the service is provided, and the customer pays one week later on September 22. Using cash-basis accounting, on which date should Clearmore Services record an increase in accounts receivable?

September 15 (date of service)