Mannelly Corporation encounters the following situations:
1. Mannelly collects $1,300 from a customer in 2012 for services to be performed in 2013.
2. Mannelly incurs utility expense which is not yet paid in cash or recorded.
3. Mannelly’s employees worked 3 days in 2012 but will not be paid until 2013.
4. Mannelly earned service revenue but has not yet received cash or recorded the transaction.
5. Mannelly paid $2,400 rent on December 1 for the 4 months starting December 1.
6. Mannelly received cash for future services and recorded a liability until the revenue was earned.
7. Mannelly performed consulting services for a client in December 2012. On December 31, it had not billed the client for services provided of $1,200.
8. Mannelly paid cash for an expense and recorded an asset until the item was used up.
9. Mannelly purchased $900 of supplies in 2012; at year end, $400 of supplies remain unused.
10. Mannelly purchased equipment on January 1, 2012; the equipment will be used for 5 years.
11. Mannelly borrowed $10,000 on October 1, 2012, signing an 8% one year note payable.
Instructions
Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, or accrued revenue) is needed in each situation, at December 31, 2012.