Instructions: Below are terms pertinent to adjusting entries. Match each definition with its related term. Write your answer on the space provided. Terms Definifions/Transacions 1 Accrued Expense 2 Deferred Expense Revenues not yet earned, collected in advance. Ofice supplies on hand, used next accounting period. Rentrevenue collected, not yet earned. d. Rent not yet collected, already earned. An expense incurred, not yet paid or recorded. Revenue earned, not yer collected. An expense not yet incurred, paid in advance. h. Property taxes incurred, not yet paid. At the end of the year, slaries payable of P3,600 had not been recorded or paid. į Supplies for office use were purchased during the year for P500, and P100 of the ofice supplies remained on hand (unused) at year-end. k. Interest of P250 on a note receivable was earned at year-end, altfhough collecion of the interest is not due unfil the following year. Atthe end of the year, service revenues of P2,000 was collected in cash but was not yet earned. m. An expense that is unpaid and unrecorded. a. b. 3 Accrued Revenue C. 4 Deferred Revenue e. g. i.
Instructions: Below are terms pertinent to adjusting entries. Match each definition with its related term. Write your answer on the space provided. Terms Definifions/Transacions 1 Accrued Expense 2 Deferred Expense Revenues not yet earned, collected in advance. Ofice supplies on hand, used next accounting period. Rentrevenue collected, not yet earned. d. Rent not yet collected, already earned. An expense incurred, not yet paid or recorded. Revenue earned, not yer collected. An expense not yet incurred, paid in advance. h. Property taxes incurred, not yet paid. At the end of the year, slaries payable of P3,600 had not been recorded or paid. į Supplies for office use were purchased during the year for P500, and P100 of the ofice supplies remained on hand (unused) at year-end. k. Interest of P250 on a note receivable was earned at year-end, altfhough collecion of the interest is not due unfil the following year. Atthe end of the year, service revenues of P2,000 was collected in cash but was not yet earned. m. An expense that is unpaid and unrecorded. a. b. 3 Accrued Revenue C. 4 Deferred Revenue e. g. i.
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 3PA: Identify which type of adjustment is indicated by these transactions. Choose accrued revenue,...
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