Provide a description of the event represented by each of the following journalentries. a. Dr. Equipment b.
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a. Dr. Equipment b. Dr. Accounts receivable c. Dr. Cash d. Dr. Land e. Dr. Salary expense f. Dr. Unearned revenue g. Dr. Accounts payable h. Dr. Insurance expense i. Dr. Interest receivable Cr. Cash Cr. Revenue Cr. Common shares Cr. Notes payable Cr. Salary payable Cr. Revenue Cr. Cash Cr. Prepaid insurance Cr. Interest revenue 2,000,000 20,000 7,500,000 350,000 8,500 10,000 15,000 2,500 25,000 2,000,000 20,000 7,500,000 350,000 8,500 10,000 15,000 2,500 25,000
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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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