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AccountingAccounting (Text Only)26th Edition

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Chapter 3, Problem 3.2BPE
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Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615

Solutions

Chapter
Section
Problem 1DQ
Problem 2DQ
Problem 3DQ
Problem 4DQ
Problem 5DQ
Problem 6DQ
Problem 7DQ
Problem 8DQ
Problem 9DQ
Problem 10DQ
Problem 3.1APE
Problem 3.1BPE
Problem 3.2APE
Problem 3.2BPE
Problem 3.3APE
Problem 3.3BPE
Problem 3.4APE
Problem 3.4BPE
Problem 3.5APE
Problem 3.5BPE
Problem 3.6APE
Problem 3.6BPE
Problem 3.7APE
Problem 3.7BPE
Problem 3.8APE
Problem 3.8BPE
Problem 3.9APE
Problem 3.9BPE
Problem 3.10APE
Problem 3.10BPE
Problem 3.1EX
Problem 3.2EX
Problem 3.3EX
Problem 3.4EX
Problem 3.5EX
Problem 3.6EX
Problem 3.7EX
Problem 3.8EX
Problem 3.9EX
Problem 3.10EX
Problem 3.11EX
Problem 3.12EX
Problem 3.13EX
Problem 3.14EX
Problem 3.15EX
Problem 3.16EX
Problem 3.17EX
Problem 3.18EX
Problem 3.19EX
Problem 3.20EX
Problem 3.21EX
Problem 3.22EX
Problem 3.23EX
Problem 3.24EX
Problem 3.25EX
Problem 3.26EX
Problem 3.27EX
Problem 3.28EX
Problem 3.29EX
Problem 3.1APR
Problem 3.2APR
Problem 3.3APR
Problem 3.4APR
Problem 3.5APR
Problem 3.6APR
Problem 3.1BPR
Problem 3.2BPR
Problem 3.3BPR
Problem 3.4BPR
Problem 3.5BPR
Problem 3.6BPR
Problem 1COP
Problem 3.1CP
Problem 3.2CP
Problem 3.3CP
BuyFindarrow_forward

Accounting (Text Only)

26th Edition
Carl Warren + 2 others
ISBN: 9781285743615
Textbook Problem
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Type of adjustment

Classify the following items as (1) prepaid expense, (2) revenue, or (4) accrued expense:

a. Cash received for use of land next month

b. Fees earned but not received

c. Rent expense owed but not yet paid

d. Supplies on hand

To determine

Deferrals:

Deferrals refer to the revenues that are collected in advance before the services are provided or sales are made to the customer, and the expenses are paid in advance before the expenses are incurred.

Deferrals are classified into two types.  They are prepaid expenses, and unearned revenues.

Prepaid expenses:  The expenses are paid in cash, before they are incurred.

Unearned revenue:  The cash is received, before the services are performed.

Accruals:

Accruals refer to the revenues that are generated from goods delivered or, service performed to the customer, but cash is not yet received from the customer, and the expenses are incurred, but cash is not yet paid.

Accruals are classified into two types.  They are accrued revenues, and accrued expenses.

Accrued revenues: Revenues are generated but not yet received in cash.

Accrued expenses: Expenses are incurred but not yet paid in cash.

To indicate: The types of adjustment for the given transactions.

Explanation

a. Cash received for use of land next month

In this case, the cash is received before the land being rented hence it is unearned revenue (deferrals).

b. Fees earned but not received in cash

In this case, fees earned from member/client but not yet received in cash hence it is accrued revenue (accruals)...

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Ch-3 P-1DQCh-3 P-2DQCh-3 P-3DQCh-3 P-4DQCh-3 P-5DQCh-3 P-6DQCh-3 P-7DQCh-3 P-8DQCh-3 P-9DQCh-3 P-10DQ
Ch-3 P-3.1APECh-3 P-3.1BPECh-3 P-3.2APECh-3 P-3.2BPECh-3 P-3.3APECh-3 P-3.3BPECh-3 P-3.4APECh-3 P-3.4BPECh-3 P-3.5APECh-3 P-3.5BPECh-3 P-3.6APECh-3 P-3.6BPECh-3 P-3.7APECh-3 P-3.7BPECh-3 P-3.8APECh-3 P-3.8BPECh-3 P-3.9APECh-3 P-3.9BPECh-3 P-3.10APECh-3 P-3.10BPECh-3 P-3.1EXCh-3 P-3.2EXCh-3 P-3.3EXCh-3 P-3.4EXCh-3 P-3.5EXCh-3 P-3.6EXCh-3 P-3.7EXCh-3 P-3.8EXCh-3 P-3.9EXCh-3 P-3.10EXCh-3 P-3.11EXCh-3 P-3.12EXCh-3 P-3.13EXCh-3 P-3.14EXCh-3 P-3.15EXCh-3 P-3.16EXCh-3 P-3.17EXCh-3 P-3.18EXCh-3 P-3.19EXCh-3 P-3.20EXCh-3 P-3.21EXCh-3 P-3.22EXCh-3 P-3.23EXCh-3 P-3.24EXCh-3 P-3.25EXCh-3 P-3.26EXCh-3 P-3.27EXCh-3 P-3.28EXCh-3 P-3.29EXCh-3 P-3.1APRCh-3 P-3.2APRCh-3 P-3.3APRCh-3 P-3.4APRCh-3 P-3.5APRCh-3 P-3.6APRCh-3 P-3.1BPRCh-3 P-3.2BPRCh-3 P-3.3BPRCh-3 P-3.4BPRCh-3 P-3.5BPRCh-3 P-3.6BPRCh-3 P-1COPCh-3 P-3.1CPCh-3 P-3.2CPCh-3 P-3.3CP

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