LESSON 4Learning ActivitiesActivity 1. Matching TypeDirections: Below are terms pertinent to adjusting entries. Match each definition with its related term. Thereare two answers for each term.Terms1. Accrued Expense2. Deferred Expense3. Accrued Revenue4. Deferred RevenueDefinitionsa. Revenue not yet earned; collected in advance._b. Office supplies on hand; used next accounting period.c. Rent revenue collected; not yet earned._d. Rent not yet collected; already earned._e. An expense incurred; not yet paid or recoref. Revenue earned; not yet collected.g. An expense not yet incurred;_h. Property taxes incurred; rActivity 2. Preparing Adjusting EntriesDirections: Record the adjusting entries for each of the situations listed below. The last day of the accountingperiod is Dec. 31. Make your adjusting entries in the General Journal provided below.OReaTRUCIO L PURPOSES ONLYa. Three-day salaries are unpaid as at Dec. 31. Salaries are P85, 000 for a five-day work week.b. On Aug. 1, a P18, 000 premium was paid on a one-year insurance policy. The amount of thepremium was debited to Prepaid Insurance.c. Before adjustments, the Supplies account has a balance of P42, 300. The count of supplies onhand amounted to 25, 700.d. Office equipment was purchased on Mar. 3 for P350, 000. The expected life of the equipmentis eight years and a salvage value of P50, 000. TROActivity 2. Preparing Adjusting EntriesDirections: Record the adjusting entries for each of the situations listed below. The last day of the accountingperiod is Dec. 31. Make your adjusting entries in the General Journal provided below.a. Three-day salaries are unpaid as at Dec. 31. Salaries are P85, 000 for a five-day work week.On Aug. 1, a Pl18, 000 premium was paid on a one-year insurance policy. The amount of thepremium was debited to Prepaid Insurance.c. Before adjustments, the Supplies account has a balance of P42, 300. The count of supplies onhand amounted to 25, 700.d. Office equipment was purchased on Mar. 3 for P350, 000. The expected life of the equipmentis eight years and a salvage value of P50, 000.DateAccount Titles and Explanation P.R. DebitCredit32/3101112161720212223242526272

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Activity 1. Matching Type Directions: Below are terms pertinent to adjusting entries. Match each definition with its related term. There are two answers for each term. Terms 1. Accrued Expense 2. Deferred Expense 3. Accrued Revenue 4. Deferred Revenue Definitions a. Revenue not yet earned; collected in advance. _b. Office supplies on hand; used next accounting period. _c. Rent revenue collected; not yet earned. _d. Rent not yet collected; already earned. _e. An expense incurred; not yet paid or recorded. _f. Revenue earned; not yet collected. g. An expense not yet incurred; paid in advance. h. Property taxes incurred; not yet paid. AL PURPOSES ONLY

Activity 1. Matching Type Directions: Below are terms pertinent to adjusting entries. Match each definition with its related term. There are two answers for each term. Terms 1. Accrued Expense 2. Deferred Expense 3. Accrued Revenue 4. Deferred Revenue Definitions a. Revenue not yet earned; collected in advance. _b. Office supplies on hand; used next accounting period. _c. Rent revenue collected; not yet earned. _d. Rent not yet collected; already earned. _e. An expense incurred; not yet paid or recorded. _f. Revenue earned; not yet collected. g. An expense not yet incurred; paid in advance. h. Property taxes incurred; not yet paid. AL PURPOSES ONLY

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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