Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense:1. Bill for ads that appeared in prior month’s local newspaper.2. Fees received but not yet earned.3. Fees earned but not yet received.4. Premium paid on a one-year insurance policy.5. Rent received in advance for rental of office space.6. Supplies on hand.7. Rent paid in advance.8. Wages owed but payable in the following period.

Which of the following items are expenses? I. Paying for next accounting period’s rent II. Buying inventory in cash III. Paying unpaid wages, which relate to work completed in the previous accounting period IV. Purchasing a building in cash V. Paying off a bank loan     Select one: a. None of I - V are expenses. b. All of I - V are expenses. c. I, II, III d. II and IV e. I, II, III, IV f. I and III

1 Record the adjusting entry for supplies. 2. Record the adjusting entry for rent. 3. Record the adjusting entry for utilities expense. 4. Record the adjusting entries for salaries and wages. 5. Record the adjusting entry for income tax.

On January 1, Power House Co. prepaid the annual rent of $13,600. Journalize this transaction. If an amount box does not require an entry, leave it blank. January 1

Select all that apply Vance Co. allows employees to take a two week vacation each year. To account for the two weeks off each year, Dante will record an adjusting entry to which of the following accounts? Multiple select question. Credit to Salaries and Wages Payable. Credit to Cash. Debit to Cash. Credit to Vacation Benefits Payable. Debit to Vacation Benefits Expense. Debit to Salaries and Wages Expense.

Applying the matching principle Suppose on January 1, Andrew’s Tavern prepaid rent of $16,800 for the full year. On November 30, how much rent expense should be recorded for the period January 1 through November 30?

Prepare general journal entries to record these transactions using the following titles: Cash (101); Accounts Receivable (106); Office Supplies (124); Prepaid Insurance (128); Prepaid Rent (131); Office Equipment (163); ACcounts Payable (201); D. Brooks, Capital (301); D. Brooks, Withdrawals (302); Services Revenue (403); and Utilities Expense (690). View transaction list Journal entry worksheet 1 2 3 4 5 6 7 8 12 > Brooks invested $200,000 cash along with $28,000 in office equipment in the company. Note: Enter debits before credits. Date General Journal Debit Credit Mar 01

Which of the following account is not a temporary account while closing all temporary accounts In the closing process at the end of a financial year? Select one: a. Sales Revenue b. Insurance expense c. Cash d. Income Summary

Suppose Livingston, a specialty clothing store, rents space at a local mall for one year, paying $19,200 ($1,600/month) in advance on October 1. Required: 1.&2. Record the necessary entries in the Journal Entry Worksheet below. 3. Calculate the year-end adjusted balances of Prepaid Rent and Rent Expense (assuming the balance of Prepaid Rent at the beginning of the year is $0). Complete this question by entering your answers in the tabs below. Required 1 and 2 Required 3 Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet No Date General Journal 1 October 01 Rent Expense Cash × Debit Credit 19,200 19,200

45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement.C. Received a bill from Campus News for P300 for advertising in the campus newspaper.D. Billed the Tiger Football Team P200 for cleaning and laundry services. 45. It is a revenue not yet earned but is collected in advance.A. Accrued Expense.B. Accrued RevenueC. Deferred ExpenseD. Deferred Revenue 46. Accrued revenues should be reported as:A. Assets on the balance sheet.B. Expenses on the income statement.C. Liabilities on the balance sheet.D. Revenues on the income statement. 47.A deferred revenue should be recorded by a:A. Buyer when a service is received on payment of cash...B. Seller when a customer pays for a service before the service is renderedC. Seller when a…