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When prepaid expense items are initially recorded as assets, the end-of-period adjustments for these items should be reversed. True False
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Asked 4/5/2013 10:34:04 PM
Updated 221 days ago|10/14/2018 11:35:22 AM
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Flagged by Masamune [10/14/2018 11:35:22 AM]
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User: When prepaid expense items are initially recorded as assets, the end-of-period adjustments for these items should be reversed. True False

Weegy: True. If the prepaid expenses are not adjusted at the end of the accounting period, there is a failure to set-up an adjusting entry to update the amount of prepaid expenses. [ In this case, since prepaid expenses exist,the asset method is the accounting treatment used to record prepayments, that is, to debit Prepaid Expenses and credit Cash. ]
diditz|Points 25|

Question
Asked 4/5/2013 10:34:04 PM
Updated 221 days ago|10/14/2018 11:35:22 AM
1 Answer/Comment
This conversation has been flagged as incorrect.
Flagged by Masamune [10/14/2018 11:35:22 AM]
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When prepaid expense items are initially recorded as assets, the end-of-period adjustments for these items should be reversed. FALSE.
Added 221 days ago|10/14/2018 11:35:21 AM
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