Accounting adjustment?
does anyone work out these directions? they own me confused
Classify the following adjust entries as involving prepaid expenses (PE), unearned revenues (UR),
accrue expenses (AE), or accrue revenues (AR).
a. To narrative revenue earn that be previously received as lolly contained by finance.
b. To narrative annual depreciation expense.
c. To account wages expense incurred but not nonetheless salaried (nor recorded).
d. To record revenue earn but not on the other hand billed (nor recorded).
e. To record expiration of prepaid insurance.
Answers:
a. - UR - Reducing unearned revenues
b. - AE - Recording expense
c. - AE - demo accrue expense
d. - AR - accrue revenue earn but not received
e. - PE - reducing prepaid expense
a. unearned revenue
b. accrue expenses
c. accrue expenses
d. accrue revenues
e. prepaid expenses
I believe the give somebody the third degree is to identify what respectively scenerio scheme by the given expressions. The above should be correct. However, you may want to double check near your classmates.
It's only a business of classifying types of entries. If it involves prepaid expenses, for instance, it will affect prepaid expense article.
a. Unearned revenues
b. accrue expenses, I reflect. (It's not a prepaid)
c. accrue expenes
d. accrue revenue
e. prepaid expense
a. UR
b. AE (I guess)
c. AE
d. AR
e. PE
Read the chapter since doing the problem.
Each item (a, b, c, d and e) can be classified as a PE, UR, AE or AR. You basically own to select the correct classification.
Hint: d is AR
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Classify the following adjust entries as involving prepaid expenses (PE), unearned revenues (UR),
accrue expenses (AE), or accrue revenues (AR).
a. To narrative revenue earn that be previously received as lolly contained by finance.
b. To narrative annual depreciation expense.
c. To account wages expense incurred but not nonetheless salaried (nor recorded).
d. To record revenue earn but not on the other hand billed (nor recorded).
e. To record expiration of prepaid insurance.
Answers:
a. - UR - Reducing unearned revenues
b. - AE - Recording expense
c. - AE - demo accrue expense
d. - AR - accrue revenue earn but not received
e. - PE - reducing prepaid expense
a. unearned revenue
b. accrue expenses
c. accrue expenses
d. accrue revenues
e. prepaid expenses
I believe the give somebody the third degree is to identify what respectively scenerio scheme by the given expressions. The above should be correct. However, you may want to double check near your classmates.
It's only a business of classifying types of entries. If it involves prepaid expenses, for instance, it will affect prepaid expense article.
a. Unearned revenues
b. accrue expenses, I reflect. (It's not a prepaid)
c. accrue expenes
d. accrue revenue
e. prepaid expense
a. UR
b. AE (I guess)
c. AE
d. AR
e. PE
Read the chapter since doing the problem.
Each item (a, b, c, d and e) can be classified as a PE, UR, AE or AR. You basically own to select the correct classification.
Hint: d is AR