1. An adjusting entry to convert an asset to expense consists of:
A debit to a liability and a credit to cash.
A debit to an expense and a credit to cash.
A debit to an expense and a credit to an asset account.
A debit to an asset account and a credit to an expense account.
2. One element that is NOT part of the standard cost is
shipping.
labor.
materials.
machine maintenance.