Explain the difference between A) Accrued revenues and unearned revenues; B) Accrued expenses and prepaid expenses; C) Give an example of each.
Explain the difference between A) Accrued revenues and unearned revenues; B) Accrued expenses and prepaid expenses;...
what's the difference between prepaid expenses and unearned revenues? I already know the definition of prepaid expenses----a company has paid cash but not yet incurred the expenses, and unearned revenues---company has received cash but not yet earned the revenues. Also, whats the exact meaning of bold words above, please give me some examples. Thank you!
Classify the following adjusting entries as involving prepaid expenses, unearned revenues, accrued expenses, or accrued revenues. a. To record rent expense incurred but not yet paid. | b. To record cash received from gift card sales. c. To record service revenues performed but not yet billed (nor recorded). d. To record expiration of prepaid rent. e. To record supplies used as supplies expense.
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Select one specific adjusting entry that falls under one of the four types, enter it in the subject box, and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts in the proper journal entry format. 3. In your replies...
We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued expenses, and (4) accrued revenues. Select one specific adjusting entry that falls under one of the four types and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts. In order to receive full credit for your post you must reply to another students...
-Explain the difference between assets, liabilities, owners equity, revenues and expenses.
What's the difference between a prepaid and an unearned account? Why is it necessary to adjust these at the end of the period? You can use prepaid rent vs unearned rent as examples in your explanation.
03 Discussion Question We have learned about four types of adjustments: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses. Select one specific adjusting entry that falls under one of the four types, enter it in the subject box, and post the following: 1. A description of the adjustment and why it is necessary. 2. Provide an example of the transaction; include the debit and credit, with dates and amounts in the proper journal entry format....
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 $600. < (b) Store supplies of $160 are on hand. The supplies account shows a $1,900 balance > c) Utility expenses of $275 are unpaid. < (d) Services performed of...
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
The difference between actual revenues and expenses and the flexible budget is known as the: A. flexible budget variance B. static budget variance C. master budget variance D. volume variance