how to compare between prepaid expenses and unearned revenue?

Q: When you need to adjust the allowance what is the accounting entry you would create assuming you use…

A: Accrual method of accounting is a method which states that income and expense should be recorded…

Q: what is a prepaid expense?

A: Expenses means the amount spent for running the business or earning the profits. But when the…

Q: What will be the result of prepayment of rent expense in adjusting entry?

A: The prepayment of rent expense is an asset for the company because this payment is made with respect…

Q: In what instances do you use unearned revenues and prepaid expenses?

A: Assets are the items owned by the firm or individual. It is calculated by summing up all the items…

Q: What are accrued expenses and when are they recorded?

A: Expenses refer to the outflow of cash in exchange for goods and asset purchased or services received…

Q: What is the difference between a bill and a payment

A: Answer: Bill and payment are two different terns that can be used for same document. The two terms…

Q: Explain the income & expenditure and Receipts & payment? Draw the format with example? What is the…

A: Income and Expenditure Account: Its a summary of all incomes and expenditures of current accounting…

Q: Explain the difference between accrued and prepaid expenses with illustrative examples.

A: Accrued expenses are those expenses which have been incurred but not yet paid out. For example, a…

Q: How revenues and expenses are are recognized under the accrual accounting?

A:

Q: What are prepaid expenses

A: Prepaid Expense: Prepaid expense refers to the expense made for the service prior to the consumption…

Q: Which of the following best describes revenue?

A: In simple accounting term revenue is the amount which company earn by selling goods or providing…

Q: How to calculate Rent income from income statement

A: Income Statement- It is a report that shows an organization's revenues, expenses, and net profit and…

Q: What is meant by the term unearned revenue? Where should an unearned revenue account appear in the…

A: Revenue: It refers to the amount earned by a business from selling its goods or services to the…

Q: Which of the following revenue whose recognition is put off into the future even though payment has…

A: Revenue is the total proceeds from sale of goods or services in the business. This is an important…

Q: What is supposed to be credited in utilities expense

A: Solution Concept When an expense has been incurred but not paid ,such expense needs to be recorded…

Q: prepaid expense meaning

A: Under Accrual concept of accounting incomes and expenses are recognized as and when they occur.…

Q: Under what circumstances should sellers consider the time value of money when recognizing revenue?

A:

Q: Explain accrued expenses in detail .

A: In the above question we have asked to explain accrued expenses which is as below.

Q: Difference between deferral of expenses/revenue and accrued expenses/ revenue?

A: The business adjust the profits of the business for the current year considering deferred and…

Q: Explain prepaid expenses in detail.

A: Adjusting entries are the journal entries to adjust the expense and revenue which are due but not…

Q: adjusted total expenses?

A: Correct Answer is :- C 277,000

Q: Under the revenue recognition principle, when is revenue recorded?

A: Revenue recognition principle:Revenue recognition principle is used as to recognize the revenues…

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: What is prepaid expenses with example ?

A: Definition: Expenses refer to the amount spent or costs that have been incurred to generate the…

Q: How do I find retained earnings And cash? For adjusted trial balance?

A: Retained earnings in the business means accumulated earnings of the business for the owners.

Q: Why is Profit and Loss Adjustment Account prepared? Explain.

A: There are following two reasons of why Profit and loss adjustment account is prepared;-  1.   To…

Q: At what point revenue does revenue recognition occur

A: Revenue recognition: Revenue recognition refers to an accounting principle that states the specific…

Q: What is an accrued revenue? Provide an example.

A: Revenue refers to the income that is received by a business from its business operations and…

Q: Distinguish between Income and Expenditure Account and Receiptand Payment Account.

A: Difference between income and expenditure account and receipt and payment account:

Q: Deferred expenses should be reported as O Expenses on the income statement O Income on the income…

A: Deferred expenses : It refers to the cost incurred but this is recorded as expenses on a future…

Q: amount is recorded as accounts payable from this purchase?

A: Perpetual inventory management system is a method of recording inventory balance on time based on…

Q: How do accrued but unpaid expenses affect the balance sheet?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…

Q: transactions that require an adjusting entry (debit) to unearned revenue?

A: Concept introduction:  Adjusting entries are required to adjust the accounts according to the…

Q: What is Prepaid Expense? Provide example

A: Prepaid expenses are considered as an asset which is resulted from an advance payment for expenses…

Q: How does accrued but uncollected revenue affect the bal-ance sheet?

A: Accrued revenue: It can be defined as the revenue that has already been earned by the business but…

Q: Define Prepaid expenses.

A:

Q: amount should the account payable be adjusted

A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.

Q: Is unearned income a debit or credit?

A: The Adjustment entries are prepared to adjust the revenue and expenses of the current period.

Q: What kind of account is Unearned Revenue?

A: Unearned Revenue is the revenue received in advance. It is the amount of cash received for which…

Q: What type of account is Unearned Revenue?

A: The question deals with what type of account is Unearned Revenue

Q: whats the difference between an expense and liability according to accounting?

A: Accounting: Accounting is defined as recording, summarizing and classifying the financial…