Income Statement Balance Sheet Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum. Depr.-Delivery Equipment Accounts Payable Wages Payable Owner, Capital Owner, Drawing Delivery Fees Wages Expense Rent Expense Supplies Expense Insurance Expense Depr. Exp.-Delivery Equipment
Income Statement Balance Sheet Debit Credit Debit Credit Cash Accounts Receivable Supplies Prepaid Insurance Delivery Equipment Accum. Depr.-Delivery Equipment Accounts Payable Wages Payable Owner, Capital Owner, Drawing Delivery Fees Wages Expense Rent Expense Supplies Expense Insurance Expense Depr. Exp.-Delivery Equipment
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 2Q: Describe the expense recognition principle (matching principle). Give specifics.
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Question
EXTENDING ADJUSTED BALANCES TO THE INCOME STATEMENT AND
should be extended to the Income Statement Debit or Credit or to the Balance Sheet Debit or Credit columns on the work sheet.
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