An adjusting entry that debits an expense and credits a liability is which type?

An adjusting entry that debits an expense and credits a liability is which type?

a. accrued expense c. prepaid expense

b. depreciation expense d. cash expense Use the following data for questions 11 and 12. Here are key figures from the balance sheet of Seville, Inc., at the end of 20X3 (amounts in thousands):

December 31, 20X3

Total assets (of which 40% are current)

$4,000

Current liabilities

800

Bonds payable (long-term)

1,200

Common stock

1,500

Retained earnings

500

Total liabilities and stockholders’ equity

4,000

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