Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue: Fees earned but not yet received.     Electricity expenses owed but not yet paid.        Advance payment received for a future sale but not yet earned.       Insurance expense paid in advance.

Q: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

A: Insurance premium is an expense for the company

Q: what four different types of adjustments are frequently necessary before financial statements are…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: What will be the result of prepayment of rent expense in adjusting entry? a. An increase in total…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following transactions is an example of accrual? a. Unrecorded income is recognized. b.…

A: As per the honor code, We’ll answer the first question since the exact one wasn’t specified. Please…

Q: According to accruals rules, when a service is performed, the revenue should be recognized…

A: Solution- Accrual accounting is an accounting method whereby revenue and expenses are recorded in…

Q: Which of the following accounts was created as the result of an accrual for expenses?  Group of…

A: Lets start with the basic understanding. Accrual for expense is a liability which is incur because…

Q: a) Please give a different example of accruals, and write a numeric example for it with accounting…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: Which of the following accounts is a non-current asset account?

A: Non-current assets:   Non-current assets are assets that can be held for a longer period of time…

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: The adjusting entry for accrued expenses includes O a. a debit to an expense account.

A: First of all we have to understand the concept of accrued expenses, Accrued expenses are the…

Q: Which of the following would most likely lead to an accrued adjusting entry? A. Interest revenue…

A: Accrued adjusting entry is made when expense is accrued but not paid or revenue is earned but not…

Q: For each item that follows, indicate whether a debit or a credit applies. increase in prepaid…

A: Prepaid insurance  Asset  Commissions earned  Revenue  Unearned revenue  Liability

Q: Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues…

A:

Q: An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. a revenue.b.…

A: Unearned revenue:   Unearned is recorded as current liability on the balance sheet. In this case…

Q: The ending balance in the account Deferred Revenues (or Unearned Fees) * ?should report which of the…

A: Deferred revenue seems to be payments from a consumer for upcoming products or services. Since the…

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: xpense has been incurred but not yet recorded in the book and not yet paid is called: a. Accrued…

A: Solution: Expense has been incurred but not yet recorded in the book and not yet paid is called…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Rent Expense expense

Q: Choose the correct statement below: A. Unearned income is income earned and already collected. B.…

A: The deferred expenses are the expenses incurred but not yet due for payment. The deferred revenue is…

Q: Which of the following is an example of a prepaid expense? Please explain with full explanation. a.…

A: A prepaid expense is an asset for which we have paid in advance and for which the benefit shall be…

Q: If during an accounting period an expense item has been incurred and consumed but not yet pair or…

A: Adjusting entries are made at the end of the period in order to correct the transactions which has…

Q: When recording an adjusting entry for unearned revenues O a. a liability account is credited. O b.…

A: The correct answer for the above mentioned question is given in the following steps for your…

Q: Using accrual accounting, expenses are recorded and reported only a.when they are incurred, whether…

A: Under accounting, there are two types of systems that can be used. Cash basis of accounting says…

Q: Explain What is an adjusting entry? Write different (four) adjusting entries Converting assets to…

A: Accounting is a system in which all the financial transactions of a business is recorded. The…

Q: Salaries owed but not yet paid is an example of which of the following? deferred expense or prepaid…

A: Accrued expenses are those expenses which are incurred for the particular period of time, but has…

Q: Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organization. Liability…

Q: Expense items that have been incurred but not yet recorded in the accounts are: A) unearned…

A: Revenues received in advance and not performed are called unearned revenues. Hence, option A is…

Q: Which of the following items represent a deferral ?                                      A. Prepaid…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses on the…

Q: Expenses paid and recorded as assets before they are used are called Select one: O a. Unearned…

A: Introduction: Balance sheet: In Balance sheet all Assets and liabilities are reported. It tells the…

Q: In the blank space beside each adjusting entry, enter the letter of the explanation A through F that…

A: Correct match is A 5 B 6 C 2 D 4 E 1 F 3

Q: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: Expenses paid in advance are recorded: Select one: a. Revenue b. Expenses. c. Liabilities d. Assets

A: Expenses are the amount incurred by the company to generate profit or revenue. Examples of expenses…

Q: When an expense is incurred prior to the payment of cash for that expense, an adjusting journal…

A: Adjusting journal entry records those transactions which requires adjustments like, accrued expenses…

Q: If the effect of the credit portion of an adjusting entry is to increase the balance of a liability…

A: Adjusting entries: Adjusting entries are those entries which are recorded at the end of the year, to…

Q: Which of the following is created by the adjusting entry to recognize interest expense incurred but…

A: Adjusting journal entry: To record any unrecognized income or expenses for the period company made…

Q: Rent paid in advance can be categorized as a. Deferred expense (Prepaid expense) b. Accrued revenue…

A: Rent paid in advance is a prepaid expense which means this expense hasn't been accrued yet.

Q: 1. Accrued Revenue are considered as what account? 2. Accrued Expenses are expenses already incurred…

A: Accrued revenue is that revenue where the service or product has been rendered or delivered but the…

Q: Which of the following account groups does not include a nominal account? a.Prepaid Insurance,…

A: Nominal account: Nominal account refers to the accounts which are related to the losses, expenses,…

Q: Balances for each of the following accounts appear in an adjusted trial balance.  Identify each as…

A: accounts receivable--Asset   wages payable--Liability   prepaid rent---Asset   unearned…

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: If an expense has been incurred but not yet recorded, the adjusting entry would involve:   a. A…

A: Hi student  Since there are multiple questions, we will answer only first question. If you want…

Q: Using accrual accounting, expenses are recorded and reported only a.if they are paid before they…

A: As per the cash basis of accounting, we should record the transaction only when corresponding cash…

Q: his account represents the amount paid in advance for future cost of items or services. a. Revenue…

A: Every transaction is recorded in books of account and has got different relevance. Assets ,…