Adjusting Entries: Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on November 18, 2021

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

2. The expired cost of any fixed asset means .

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

4. Income received in advance is known as .

5. Prepaid rent is categorized as a .

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

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

8. Expenses paid in advance are known as .

9. Suppose that salaries amounting to $600 are outstanding until the end of the accounting period. The salaries expense account will be debited and the account will be credited when making an adjusting entry for this transaction.

10. A trial balance prepared after considering the effect of adjusting entries is known as an .

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, his interview on CBS, or check out his speaker profile on the CFA Institute website.

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