checkpoint week 3 - QS31 Classify the following adjusting...

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QS 3-1 Classify the following adjusting entries as involving prepaid expenses (PE), unearned reven a. To record revenue earned that was previously received as cash in advance. b. To record annual depreciation expense. c. To record wages expense incurred but not yet paid (nor recorded). d. To record revenue earned but not yet billed (nor recorded). e. To record expiration of prepaid insurance
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ues (UR), accrued expenses (AE), or accrued revenues (AR). Your Answer unearned revenues prepaid expenses accrued expenses accrued revenue prepaid expenses
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QS 3-9 Computing accrual and cash income Accrual Basis Dollar Amount Revenues 39,000 33,000 72,000 Less: Expenses 3,750 22,500 18,750 Net Income 53250 Cash Basis Revenues 33,000 Less: Expenses 20,250 Net Income 9,750 In its first year of operations, Harden Co. earned $39,000 in revenues and received $33,000 cash from these customers. The company incurred expenses of $22,500 but had not paid $2,250 of them at yearend. Harden also prepaid $3,750 cash for expenses that would be incurred the next year.
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checkpoint week 3 - QS31 Classify the following adjusting...

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