Which of the following accounts is used to initially record a deferral?
A)Interest payable.
B)Interest revenue.
C)Supplies.
D)Supplies expense.

Question

Quizplus · Accepted Answer

Deferrals involve recording transactions that will be recognized as revenue or expenses in a future period. Supplies account is used to initially record the cost of supplies bought but not yet used, which is a common example of a deferral.

Which of the Following Accounts Is Used to Initially Record