Expenses paid in advance indicates 1-Expenses not yet paid. 2- Expenses will be paid in future. 3- Expenses paid in current period for activities that will be performed. d) No recording is required
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Expenses paid in advance indicates
1-Expenses not yet paid.
2- Expenses will be paid in future.
3- Expenses paid in current period for activities that will be performed.
d) No recording is required.
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Solved in 2 steps
- On a worksheet, which account will not be extended to the balance sheet columns? a. Unearned rent b. Inventoy, January 1 c. Capital stock d. Accumulated depreciationLO1 As part of the adjustment of supplies, an expense account is debited and Supplies is credited for the amount of supplies used during the accounting period.Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or (4) accrued expense:a. Cash received for services not yet rendered. b. Insurance paid for the next yearc. Interest revenue earned but not received.d. Salaries owed but not yet paid.
- E3-7 (Algo) Identifying Accrual Basis Expenses [LO 3-1, LO 3-2] Under accrual basis accounting, expenses are recognized when incurred. The following transactions occurred in January:Per the Q&A limits the final three questions are: - Prepare the financial statements (Only the Income, Statement of Retained Earning, and the Balance Sheet)- Prepare the closing entries at March 31st in a General Ledger- Post the Closing entries to the T-accounts.Expenses paid and recorded as assets before they are used are called Select one: a. interim expenses. b. accrued expenses. c.unearned expenses d.prepaid expenses.
- Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue: Fees earned but not yet received. Electricity expenses owed but not yet paid. Advance payment received for a future sale but not yet earned. Insurance expense paid in advance.Identify whether each of the following accounts would be considered a permanent account (yes/no) and which financial statement it would be reported on (Balance Sheet, Income Statement, or Retained Earnings Statement). A. Accumulated Depreciation B. Buildings C. Depreciation Expense D. Equipment E. Fees Earned Revenue F. Insurance Expense G. Prepaid Insurance H. Supplies Expense I. DividendsWhich of the following accounts balance would be a different number on the Balance Sheet than it is on the adjusted trial balance? A. accumulated depreciation B. unearned service revenue C. retained earnings D. dividends
- Identify whether each of the following transactions, which are related to expense recognition, are accrual, deferral, or neither. A. paid an expense for the current month B. prepaid an expense for future months C. made a payment to reduce accounts payable D. incurred a current-month expense, to be paid next monthSalaries owed but not yet paid is an example of which of the following? A. accrued expense B. accrued revenue C. deferred expense (prepaid expense) D. deferred revenue (unearned revenue)Identify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, deferred expense, or estimate. A. utilities owed but not paid B. cash received in advance for future services C. supplies inventory purchased D. fees earned but not yet collected E. depreciation expense recorded F. insurance paid for future periods
