Option D (Unearned Revenue) |
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Prepaid expenses - Asset Accrued revenue - Asset Investments - Asset Comment if you face any issues. Thank you |
7) Which of the following is considered to be a liability (2pts) O Prepaid Expense O...
Which of the following is not a liability? Accounts payable Unearned revenue Wages payable Prepaid expense
an adjusting entry that debits and expense and credit a liability is which type? prepaid expense accrued expense depreciation expense Cash expense
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. C. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year. Accrued expense Accrued revenue Prepaid expense Unearned revenu
4. Classify the following accounts either as an "asset, "liability" or "equity" A. Asset L. Liability E. Equity Owner's capital Unearned revenue Buildings Medical Equipment Cash Medical Supplies Accounts Payable Owner's withdrawals Prepaid Accounts Accounts receivable Accrued Liabilities Inventory · Revenues Short-term notes payable Expenses
Identify each of the following accounts as a revenue, expense, asset, liability, or equity by placing initials (R, Exp. A, L or Eq) in the blanks. Place your answers on the data sheet. (1) Owner, capital (2) Accounts Receivable (3) Owner, drawings Sales (5) Service Revenue (6) Rent Expense (7) Equipment (8) Prepaid Insurance (9) Accounts Payable (10) Supplies (11) Cash (12) Unearned Revenue The following accounts appear on either the Income Statement (IS) or Balance Sheet (BS). In the...
how Question 9 Correct Mark 5 out of 5 lib ASS Prepaid expense and unearned revenue are examples of Select one: a. asset and revenue O b. expense and revenue c. Expense and liability d. Asset and liability O e. asset and expense The correct answer is: Asset and liability
Which of the following would be considered an asset? O A. External stock portfolio O B. Cash in the bank O C. Property, plant, and equipment O D. All of the above OE. Only A & B Which of the following would be considered a liability? O A. Prepaid insurance OB, Wages payable O C. Interest expense O D. All of the above O E. Only B&C
Which of the following entries would be made because of the matching principle? O A. Prepaid Rent Cash 2,500 2,500 B. Cash Unearned Revenue 2,500 2,500 2,500 2,500 O c. Insurance Expense Prepaid Insurance D. Office Supplies Accounts Payable 2,500 2,500
At Sugarland Ltd. prepaid costs are debited to expense when cash is paid and unearned revenues are credited to revenue when the cash is received. During January of the current year, the following transactions occurred. Received $11,100 for services to be performed in the future. Paid $3,600 for casualty insurance protection for the year. Paid $5,700 for supplies Jan. 2 2 10 On January 31, it is determined that $3,500 of the service revenue has been earned and that there...
Question 7 of 12 -/15 For each item, indicate (1) the type of adjustment (prepaid expense, unearned revenue, accrued revenue, or accrued expense) and (2) the status of the accounts before adjustment (overstated or understated). (Enter your answers in alphabetical order) (1) Type of Adjustment (2) Accounts Before Adjustment a. Services performed but unbilled total $612 b. Store supplies of $161 are on hand. The supplies account shows a $1,938 balance. C Utility expenses of $286 are unpaid and unrecorded....