For each type of adjustment listed, indicate whether it is an unrecorded receivable, an unrecorded liability, an
Question:
For each type of adjustment listed, indicate whether it is an unrecorded receivable, an unrecorded liability, an unearned revenue, or a prepaid expense at December 31, 2022.
1. Property taxes that are for the year 2022, but are not to be paid until 2023.
2. Rent revenue earned during 2022, but not collected until 2023.
3. Salaries earned by employees in December 2022, but not to be paid until January 5, 2023.
4. A payment received from a customer in December 2022 for services that will not be performed until February 2023.
5. An insurance premium paid on December 29, 2022, for the period January 1,2023 , to December 31, 2023.
6. Gasoline charged on a credit card during December 2022. The bill will not be received until January 15, 2023.
7. Interest on a certificate of deposit held during 2022. The interest will not be received until January 7, 2023.
8. A deposit received on December 15, 2022, for rental of storage space. The rental period is from January 1, 2023, to December 31, 2023.
Step by Step Answer:
Principles Of Financial Accounting IFRS Edition
ISBN: 9789814962605
3rd Edition
Authors: Earl K Stice, James D Stice, W Steve Albrecht, Monte R Swain, Rong-Ruey Duh, Audrey Wenhsin Hsu