accounting hw 452283
Aug 29, 2021 | Uncategorized
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Adjusting entries affect at least one balance sheet account and at least one income statement account. For the following entries, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account.
| a. |
Entry to record revenue earned that was previously received as cash in advance. |
| Debit or Credit |
Accounts |
Financial Statement |
| Debit |
(Click to select) Prepaid insurance Unearned revenue Wages expense Insurance expense Accumulated depreciation Accounts receivable Revenue earned Depreciation expense Wages payable |
(Click to select) Income statement Balance sheet |
| Credit |
(Click to select) Revenue earned Accounts receivable Unearned revenue Depreciation expense Accumulated depreciation Insurance expense Prepaid insurance Wages payable Wages expense |
(Click to select) Balance sheet Income statement |
|
| b. |
Entry to record annual depreciation expense. |
| Debit or Credit |
Accounts |
Financial Statement |
| Debit |
(Click to select) Depreciation expense Wages payable Unearned revenue Wages expense Accumulated depreciation Accounts receivable Insurance expense Prepaid insurance Revenue earned |
(Click to select) Income statement Balance sheet |
| Credit |
(Click to select) Depreciation expense Accumulated depreciation Wages payable Prepaid insurance Unearned revenue Revenue earned Accounts receivable Wages expense Insurance expense |
(Click to select) Income statement Balance sheet |
|
| c. |
Entry to record wage expenses incurred but not yet paid (nor recorded). |
| Debit or Credit |
Accounts |
Financial Statement |
| Debit |
(Click to select) Prepaid insurance Revenue earned Accounts receivable Wages expense Insurance expense Depreciation expense Accumulated depreciation Wages payable Unearned revenue |
(Click to select) Balance sheet Income statement |
| Credit |
(Click to select) Accounts receivable Unearned revenue Wages expense Prepaid insurance Insurance expense Revenue earned Wages payable Accumulated depreciation Depreciation expense |
(Click to select) Balance sheet Income statement |
|
| d. |
Entry to record revenue earned but not yet billed (nor recorded). |
| Debit or Credit |
Accounts |
Financial Statement |
| Debit |
(Click to select) Prepaid insurance Unearned revenue Depreciation expense Accumulated depreciation Wages payable Accounts receivable Wages expense Insurance expense Revenue earned |
(Click to select) Balance sheet Income statement |
| Credit |
(Click to select) Prepaid insurance Wages payable Revenue earned Wages expense Accumulated depreciation Insurance expense Depreciation expense Unearned revenue Accounts receivable |
(Click to select) Balance sheet Income statement |
|
| e. |
Entry to record expiration of prepaid insurance. |
| Debit or Credit |
Accounts |
Financial Statement |
| Debit |
(Click to select) Insurance expense Prepaid insurance Revenue earned Depreciation expense Wages payable Unearned revenue Accumulated depreciation Accounts receivable Wages expense |
(Click to select) Income statement Balance sheet |
| Credit |
(Click to select) Accumulated depreciation Insurance expense Revenue earned Wages payable Accounts receivable Wages expense Prepaid insurance Unearned revenue Depreciation expense |
(Click to select) Income statement Balance sheet |
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