Homework Answers
Ans - 1, 3 & 4
Explanation:
1. Revenue received in advance will be kept in either Unearned Revenue or Customer Advance A/c till it is earned.
2. Unpaid salaries are already recongnized expenses.
3. Rent paid in advance will be kept in Prepaid Rent A/c till it is expired.
4. Supplies will be kept in Supplies Asset A/c till they are used/expensed.
5. Revenue could be recognized through G/L entries with no billing/invoicing.
6. Unpaid Utility Expenses are already recognized expenses.
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Prepare adjusting entries for the seven items
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