(1) Accrue salaries expense. Dr. Cr.. ****** - Dr. Cr. - (2) Adjust the Unearned Services Revenue account to recognize earned revenue...... (3) Record services revenue earned for which cash will be received the following period... Dr. Cr. - For each of the adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited from a through i below. a. Prepaid Insurance b. Cash d. Unearned Services Revenue e. Salaries Expense g. Accounts Receivable h. Accounts Payable 1. Depreciation Expense c. Salaries Payable f. Services Revenue

(1) Accrue salaries expense. Dr. Cr.. ****** - Dr. Cr. - (2) Adjust the Unearned Services Revenue account to recognize earned revenue...... (3) Record services revenue earned for which cash will be received the following period... Dr. Cr. - For each of the adjusting entries (1), (2), and (3), indicate the account to be debited and the account to be credited from a through i below. a. Prepaid Insurance b. Cash d. Unearned Services Revenue e. Salaries Expense g. Accounts Receivable h. Accounts Payable 1. Depreciation Expense c. Salaries Payable f. Services Revenue

Name: Dr.(1) Accrue salaries expense.Cr.______Dr.Cr.(2) Adjust the Unearned
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Description: Dr.(1) Accrue salaries expense.Cr.______Dr.Cr.(2) Adjust the Unearned Services Revenue account to recognize earned revenue..(3) Record services revenue earned for which cash will be received the following period... Dr._____ Cr.For each of the adjust

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement.C. Received a bill from Campus News for P300 for advertising in the campus newspaper.D. Billed the Tiger Football Team P200 for cleaning and laundry services. 45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement. 47.A deferred revenue should be recorded by a:A. Buyer when a service is received on payment of cash...B. Seller when a customer pays for a service before the service is renderedC. Seller when a…