Answer
Question part | Question starting | Answer |
a | Wages earned by employees… | Accrued expense |
b | Office supplies on hand… | Accrued expense |
c | One-fourth of basement space… | Accrued revenue |
d | The store used delivery… | Accrued expense |
e | On 1 July of the… | Deferred expense |
f | The remaining basement… | Deferred revenue |
g | Tortman's variety store… | Accrued revenue |
Explanation:
Deferred revenue refers to income received in advance
Deferred expense refers to expense paid in advance.
Accrued revenue means income due but not yet received.
Accrued expense refers to expense due but not paid
In case of any doubt, please comment.
Required information The following information applies to the questions displayed below.) Trotman's Variety Store is completing...
Required information [The following information applies to the questions displayed below.) Trotman's Variety Store is completing the accounting process for the current year just ended, December 31. The transactions during the year have been journalized and posted. The following data with respect to adjusting entries are available: a. Wages earned by employees during December, unpaid and unrecorded at December 31, amounted to $4,500. The last payroll was December 28; the next payroll will be January 6. b. Office supplies on...
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Trotman’s variety Store is completing the accounting process for the current year just ended. December 31. The transaction during the year have been journalized and posted. The following data will respect to adjustment entries are available. a. Wages earned by employees during December, unpaid and unrecorded at December 3, amount to $2,700 the last payroll was December 28, the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled $450.00. Office...
Trotman’s variety Store is completing the accounting process for the current year just ended. December 31. The transaction during the year have been journalized and posted. The following data will respect to adjustment entries are available. a. Wages earned by employees during December, unpaid and unrecorded at December 3, amount to $2,700 the last payroll was December 28, the next payroll will be January 6. b. Office supplies on hand at January 1 of the current year totaled $450.00. Office...
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