Journalize the adjusting entries at July 31, the end of the accounting period. Omit explanations. a. Employee
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a. Employee salaries owed for Monday through Thursday of a five-day work week equals $4,500.
b. Unearned service revenue now earned, $1,250.
c. Depreciation, $1,900.
d. Prepaid rent expired, $350.
e. Interest revenue accrued, $980.
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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