Burress Company's annual accounting year ends on December 31. It

Burress Company's annual accounting year ends on December 31. It is December 31, 2011, and all of the 2011 entries except the following adjusting entries have been made:
a. On September 1, 2011, Burress collected six months' rent of $7,200 on storage space. At that date, Burress debited Cash and credited Unearned Rent Revenue for $7,200.
b. At December 31, 2011, wages earned by employees totaled $14,000. The employees will be paid on the next payroll date, January 15, 2012.
c. The company earned service revenue of $3,000 on a special job that was completed December 29, 2011. Collection will be made during January 2012. No entry has been recorded.
d. On October 1, 2011, the company borrowed $18,000 from a local bank and signed a 12 percent note for that amount. The principal and interest are payable on the maturity date, September 30, 2012.
e. On November 1, 2011, Burress paid a one-year premium for property insurance, $7,000, for coverage starting on that date. Cash was credited and Prepaid Insurance was debited for this amount.
f. Depreciation of $2,000 must be recognized on a service truck purchased on July 1, 2011, at a cost of $15,000.
g. Cash of $3,000 was collected on November 1, 2011, for services to be rendered evenly over the next year beginning on November 1. Unearned Service Revenue was credited when the cash was received.
h. On December 31, 2011, the company estimated it owed $500 for 2011 property taxes on land. The tax will be paid when the bill is received in January 2012.

1. Indicate whether each transaction relates to an unearned revenue, prepaid expense, accrued revenue, or accrued expense.
2. Give the adjusting entry required for each transaction at December 31, 2011.

Maturity is the date on which the life of a transaction or financial instrument ends, after which it must either be renewed, or it will cease to exist. The term is commonly used for deposits, foreign exchange spot, and forward transactions, interest...


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