Question

when making deferral adjustments to record the amount used during the period for items such as prepaid insurance or supplies, the debit will a(n) ___________ account. (enter one word per blank.)

Answer 1

When making deferral adjustments to record the amount used during the period for items such as prepaid insurance or supplies, the debit will be an Expense account.

What are deferral adjustments?

Deferral adjustments are accounting entries that shift some portions of a deferred account into the current period.

These deferral journal entries include:

• Revenue entries (recognizing current or earned revenues)
• Expenses entries (recognizing current or incurred expenses against prepayments).

Thus, when making deferral adjustments to record the amount used during the period for items such as prepaid insurance or supplies, the debit will be an Expense account.

Learn more about deferral adjustments at brainly.com/question/18365189

#SPJ12