If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve
A. a liability account and an asset account.
B. an asset or contra-asset and an expense account.
C. a liability account and an expense account.
D. a receivable account and a revenue account.
Answer:C
If, during an accounting period, an expense item has been incurred and consumed but not yet paid for or recorded, then the end-of-period adjusting entry would involve
A. a liability account and an asset account. B. an asset or contra-asset and an expense account. C. a liability account and an expense account. D. a receivable account and a revenue account.