classifies the following items as accrued revenues, accrued expenses, unearned revenu or prepaid expenses. Rent received in advance for renting an office space One-year insurance policy premium Fee earned but not received Fee received but not earned Account for ads that already appeared in the paper last month Payment charged for a service that has not been completed Rent paid in advance Salary due, but payable in the next period

classifies the following items as accrued revenues, accrued expenses, unearned revenu or prepaid expenses. Rent received in advance for renting an office space One-year insurance policy premium Fee earned but not received Fee received but not earned Account for ads that already appeared in the paper last month Payment charged for a service that has not been completed Rent paid in advance Salary due, but payable in the next period

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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Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expenses (accrued liability), or (d) accrued revenue (accrued asset). 1 A three-year premium paid on a fire insurance policy. 2 Utilities owed but not yet paid. 3 Supplies on hand. 4 Salary owed but not yet paid. 5 Interest owed but payable in the following period. 6 Subscriptions received in advance by a newspaper publisher. 7 Professional Fees received but not yet earned. 8 Professional Fees earned but not yet received. 9 Interest paid in advance from a bank loan. 10 Rent collected in advance. 11 Services rendered but uncollected. 12 Advertising paid in advance for 3 months. 13 Income collected but not yet earned. 14 Rent paid in advance. 15 Interest collected in advance by the creditor.
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $43,200. Required: A. Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. Refer to the Chart of Accounts for exact wording of account titles. B. How is the vacation pay reported on the company’s balance sheet? When is this amount removed from the company’s balance sheet? CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Accounts Receivable 112 Interest Receivable 113 Notes Receivable 115 Merchandise Inventory 116 Supplies 118 Prepaid Insurance 120 Land 123 Building 124 Accumulated Depreciation-Building 125 Office Equipment 126 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 213 Interest Payable 214 Notes Payable 215…
Which one of the following is example of prepaid expenses? A. Provision for warranty expenses B. Advanced paid to supplier for the purchase of material C. Payment of insurance premium for 3 years.
A company pays its monthly rent at the end of the month. This transaction is recorded as: Group of answer choices A credit to prepaid rent and a debit to cash A debit to rent expense and a credit to cash A debit to prepaid rent and a credit to cash A debit to cash and a credit to rent expense
82 More info a. On July 1, a business collected $3,300 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one year's rent in advance. On December 31, the business must account for the amount of rent it has earned. b. Salaries expense is $1,900 per day-Monday through Friday and the business pays employees each Friday. This year December 31 falls on a Thursday. C. The unadjusted balance of the Office Supplies account is $3,400. Office supplies on hand total $1,700. d. Equipment depreciation was $400. e. On October 1, when the business prepaid $1,800 for a two-year insurance policy, the business debited Prepaid Insurance and credited Cash. Print Done X
f2. Subject:- Accounting
Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an adjusting entry to which of the following accounts? Multiple select question. Credit to Salaries and Wages Payable. Credit to Cash. Debit to Cash. Credit to Vacation Benefits Payable. Debit to Vacation Benefits Expense. Debit to Salaries and Wages Expense.
Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for the full year. On November 30, how much rent expense should be recorded for the period January 1 through November 30?
In each category, determine if its a credit or debit?
Which among the following is an example of prepaid expense? a. Insurance paid in advance for the whole year b. Insurance not paid c. Insurance paid for current month d. Insurance to be paid next year
what is liability and explain whether the free month offer results in a liability for the business.