Financial Accounting, Student Value Edition (5th Edition)
5th Edition
ISBN: 9780134728520
Author: Robert Kemp, Jeffrey Waybright
Publisher: PEARSON
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Question
Chapter 3, Problem 5SC
To determine
Determine the nature of unearned revenue.
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Unearned Revenue is classified as a(n) ________ account.
A.
equity
B.
revenue
C.
liability
D.
asset
A debit balance in the Retained Earnings accounts is reported as a (an)
a. assetb. contra-liabilityc. liabilityd. contra-equity
owner's equity is
A. added to assets and the two are equal to liabilities
b. added to liabilities and the two are equal to assets
c. subtracted from liabilities and the net amout is equal to assets
d equal to the total of assets and liabilities
Chapter 3 Solutions
Financial Accounting, Student Value Edition (5th Edition)
Ch. 3 - If XYZ Consulting performs a consulting service,...Ch. 3 - Prob. 2DQCh. 3 - Prob. 3DQCh. 3 - Prob. 4DQCh. 3 - Prob. 5DQCh. 3 - Prob. 6DQCh. 3 - Prob. 7DQCh. 3 - Prob. 8DQCh. 3 - What kind of account is accumulated depreciation?...Ch. 3 - Prob. 10DQ
Ch. 3 - Prob. 1SCCh. 3 - Adjusting the accounts is the process of a....Ch. 3 - Which of the following terms describes the types...Ch. 3 - Assume the weekly payroll of ASR, Inc., is 4,500....Ch. 3 - Prob. 5SCCh. 3 - Prob. 6SCCh. 3 - Prob. 7SCCh. 3 - What do closing entries accomplish? a. Bring the...Ch. 3 - Prob. 9SCCh. 3 - Which correctly represents the flow of information...Ch. 3 - Prob. 11SCCh. 3 - Prob. 12SCCh. 3 - Prob. 1SECh. 3 - Prob. 2SECh. 3 - Prob. 3SECh. 3 - Adjusting journal entryprepaid rent (Learning...Ch. 3 - Prob. 5SECh. 3 - Prob. 6SECh. 3 - Prob. 7SECh. 3 - Adjusting journal entrysalaries, accrued revenue,...Ch. 3 - Prob. 9SECh. 3 - Closing entries (Learning Objective 4) 5-10 min....Ch. 3 - Prob. 11SECh. 3 - Prob. 12SECh. 3 - Preparing a post-closing trial balance (Learning...Ch. 3 - Exercises (Group A) E3-14A. Adjusting journal...Ch. 3 - Adjusting journal entry-prepaid insurance...Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 17AECh. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 19AECh. 3 - Prob. 20AECh. 3 - Prob. 21AECh. 3 - Prob. 22AECh. 3 - Preparing a financial statement (Learning...Ch. 3 - Prob. 24AECh. 3 - Prob. 25AECh. 3 - Prob. 26AECh. 3 - Prob. 27AECh. 3 - Prob. 28BECh. 3 - Prob. 29BECh. 3 - Prob. 30BECh. 3 - Analyzing errors (Learning Objective 2) 10-15 min....Ch. 3 - Common adjusting journal entries (Learning...Ch. 3 - Prob. 33BECh. 3 - Prob. 34BECh. 3 - Prob. 35BECh. 3 - Prob. 36BECh. 3 - Prob. 37BECh. 3 - Prob. 38BECh. 3 - Prob. 39BECh. 3 - Prob. 40BECh. 3 - Preparing closing entries (Learning Objective 4)...Ch. 3 - Problems (Group A) Common adjusting journal...Ch. 3 - Prob. 43APCh. 3 - Prob. 44APCh. 3 - Prob. 45APCh. 3 - Prob. 46APCh. 3 - Prob. 47APCh. 3 - Problems (Group B) Common adjusting journal...Ch. 3 - Re-creating adjusting journal entries from a trial...Ch. 3 - Preparing adjusting journal entries and an...Ch. 3 - Effects of adjusting journal entries on income...Ch. 3 - Preparing financial statements (Learning Objective...Ch. 3 - Preparing closing entries and a post-closing trial...Ch. 3 - This exercise continues the accounting process for...Ch. 3 - This problem continues the accounting process for...Ch. 3 - Prob. 1CFSAPCh. 3 - Prob. 1EIACh. 3 - Case 2. Brent Robertson and his banker were...Ch. 3 - Prob. 1FACh. 3 - Prob. 1IACh. 3 - Prob. 1SBACh. 3 - Written Communication You have received a letter...Ch. 3 - Journalizing, Posting, Adjusting, Preparing, and...
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- What do we mean when we say that capital, drawing, revenue, and expense accounts are under the umbrella of owners equity?arrow_forwardConsider the following accounts and determine if the account is an asset (A), a liability (L), or equity (E). A. Accounts Receivable B. Sales Revenue C. Land D. Unearned Revenuearrow_forwardAn account that has unearned in its name is classified as what type of account? a. Asset b. Liability c. Revenue d. Owners equity e. Expensearrow_forward
- D) going concern?example E) periodicity?example F)Revenue recognition principle? Example G)Matching concept? Example H)Accrual basis of accounting? Example I) Dual aspect of accounting? Explain examplearrow_forwardThe ownership claim on company’s assets A. Equity B.withdrawal C. Revenue. D. Expensearrow_forwardWhich of the following is the correct Basic Accounting Equation Oa ASSET + LIABILITIES= STOCK HOLDER'S EQUITY O b. ASSET= LIABILITIES + STOCK HOLDER'S EQUITY C LIABILITIES =ASSETS + STOCK HOLDER'S EQUITY Od ASSETS =LIABILITIESarrow_forward
- True or false. Assets is equal to the sum of liabilities and owners equityarrow_forwardWhat is unearned revenue? Why is it considered a liability? Does unearned revenue impact both the Balance Sheet and the Income Statement? Explain.arrow_forwardUnder the accrual basis of accounting, revenue is recorded a. when earned and realizable b. when earned c. when earned and realized d. when realizedarrow_forward
- Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Interest Payable. __________ Unearned Revenue.arrow_forwardHow are gain contigencies reported in the financial statements? a. a contingent account receivable b. an accrued revenue c. a deferred revenue d. not at allarrow_forwardWhich one of the following can the accounting equation can be rewritten as? A Assets + profit – drawings – liabilities = closing capital B Assets – liabilities – drawings = opening capital + profit C Assets – liabilities – opening capital + drawings = profit D Assets – profit – drawings = closing capital – liabilitiesarrow_forward
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