A company using cash basis accounting has \$10,000 in unpaid invoices at the end of the year. How should this be adjusted for accrual basis accounting?

What is the primary purpose of the matching principle in accounting?

A company pays \$15,000 for a 10-month lease on May 1st. What adjusting entry should be made on October 31st?

A company received \$3,000 for a 30-hour service contract. By the end of the month, 18 hours of service were provided. How much revenue should be recognized, and what is the adjusting journal entry?

A tutoring service receives \$1,500 in advance for 30 hours of tutoring. After 10 hours of tutoring, what is the balance of unearned revenue?

What are accrued expenses classified as in accounting?

How does accounts receivable function in the context of accrued revenues?

Which of the following best describes accrued revenues?

If a machine has a purchase price of \$100,000 and annual depreciation of \$10,000, what will be the accumulated depreciation and net book value after 3 years?

Why are adjusting entries necessary in accrual accounting?

A machine is purchased for \$10,000 with a useful life of 5 years and no salvage value. What is the annual depreciation expense using the straight-line method?

Which of the following accounts would appear first in a trial balance?

Why are balance sheet accounts considered permanent?

Which accounts are typically included in the post-closing trial balance?