Beta Alloys made the following adjusting journal entries on December 31, 2017. REQUIRED: Classify each adjusting entry
Question:
REQUIRED:
Classify each adjusting entry as either an accrual adjustment (A) or a cost expiration adjustment (C), and indicate whether each entry increases (+), decreases (), or has no effect (NE) on assets, liabilities, shareholders equity, revenues, and expenses. Organize your answer in the following way. The first journal entry has been done for you.
1. Salaries and Wages Expense 10,000 Salaries and Wages Payable 2. Insurance Expense Prepaid Insurance 10,000 5,000 5,000 3. Interest Receivable 1,000 Interest Revenue 1,000 4. Unearned Rent Revenue 6,000 Rent Revenue 6,000 5. Depreciation Expense Accumulated Depreciation 6. Supplies Expense Supplies 7. Unearned Subscription Revenue Subscription Revenue 20,000 20,000 8,000 8,000 2,000 2,000
Step by Step Answer:
Classification Assets Liabilities Shareholders Equity Revenues Expenses ...View the full answer
Related Video
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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