Question: 1. Provide an example of an accrued expense. The adjusting entry associated with an accrued expense always includes a debit and credit to which account classifications?
2. Provide an example of an accrued revenue. The adjusting entry associated with an accrued revenue always includes a debit and credit to which account classifications?
3. Sequoya Printing purchases office supplies for $75 on October 2. The staff uses the office supplies continually on a daily basis throughout the month. By the end of the month, office supplies of $25 remain. Record the month-end adjusting entry for office supplies (assuming the balance of Office Supplies at the beginning of October was $0).