Which of the following is not considered a basic type of adjusting entry? 124)
A)An entry to convert an asset to a liability.
B)An entry to accrue unpaid expenses.
C)An entry to accrue uncollected revenue.
D)An entry to convert a liability to a revenue.
E)An entry to convert an asset to an expense.

Question

Quizplus · Accepted Answer

Adjusting entries typically involve converting assets to expenses, liabilities to revenues, accruing unpaid expenses, or accruing uncollected revenues. Converting an asset to a liability is not a standard type of adjusting entry.

Which of the Following Is Not Considered a Basic Type