For each statement, indicate the accounting term described. 2 Accrued revenue Adjusting entries Book value Matching principle Prepaid expense Accumulated depreciation Unearned revenue Revenue earned during the current accounting period but no A balance sheet category used for reporting advance paymen Revenue earned during the current accounting period but not A type of account credited when customers pay in advanced f V A balance sheet category used for reporting advance payments of such items as insurance, rent, and office supplies. 5 points The net amount at which an asset is carried in the accounting Security Service Company adjusts its accounts at the end of the month. On November 30, adjusting entries records as distinguished from its market value. a. Depreciation expense for November. b. Interest expense that has accrued during November. c. Revenue earned during November that has not yet been billed to customers. d. Salaries payable to company employees accrued since the last payday in November. e. The portion of the company's prepaid insurance that has expired during November. f. Earning a portion of the amount collected in advance from a customer, Harbor Restaurant. Indicate the effects of each adjusting entry on the major elements of the company's income statement and liabilities, and owners' equity. Organize your answer in tabular form, using the column headings shown and answer for adjusting entry a is provided as an example. Homework 3 Q2.docx The offsetting of revenue with expenses incurred in generation that revenue. Entries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used. A type of account credited when customers pay in advanced for service to be rendered in the future.

For each statement, indicate the accounting term described. 2.5 point Security Service Company adjusts its accounts at the end of the month. On Noveinber 30, adjustircentries a. Depreclation expense for November b. Interest expense that has accrued during November. c. Revenue carned durine November that has not vet been baled to customers. d. Salaries payable to compamy employes atcrubd since the last parday in Nontmber. e. The portion of the compary's prepald insurance that has coplred during November. f. Earning a pertion of the amount coliected in advance from a customer, Harbor Restaurant. indicate the effects of each adjusting entry on the major elements of the compary/s income statement and labilities, and owners' equity. Organize your answer in tabular form, usine the column headings shown and answer for adjusting entry a is provided as an example. Hamemork 3 Q2 2 doco 4 . generation that revenue. Entries made at the end of the period to achieve the goals of accrual accounting by recording revenue when it is earned and by recording expenses when the related goods and services are used. A type of account credited when customers pay in advanced for service to be rendered in the future. Revenue earned during the current accounting period but not tand b yet recorded or billed, which requires an adjusting entry at the in and end of the period. An expense representing the systematic allocation of an asset's cost over its useful life