If an expense has been incurred but not yet recorded,then the end-of-period adjusting entry would involve
A) a liability account and an asset account.
B) a liability account and a revenue account.
C) a liability and an expense account.
D) a receivable account and a revenue account.

Question

Quizplus · Accepted Answer

An expense that has been incurred but not yet recorded would require an adjusting entry that debits an expense account (to recognize the expense) and credits a liability account (to record the obligation to pay for the expense in the future).

If an Expense Has Been Incurred but Not Yet Recorded,then