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UNIT 4 TEXTBOOK EXERCISE - UNIT 4 TEXTBOOK EXERCISE EX 3-1...

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UNIT 4 TEXTBOOK EXERCISE EX. 3-1 1. A two year premium on a fire insurance policy is a prepaid expense 2. Fees earned but not yet received is an accrued revenue 3. Fees received but not yet earned is a unearned revenue 4. Salary owed but not yet paid is an accrued expense 5. Subscriptions received in advance by magazine publisher is a unearned revenue 6. Supplies on hand in a prepaid expense 7. Taxes owed but payable in the following period is an accrued expense 8. Utilities owed but not yet paid is an accrued expense EX. 3-2 Account Answer______________________ Accounts receivable normally requires adjustment (ar) Cash no Interest payable normally requires adjustment (ae) Interest receivable normally requires adjustment (ar) Joyce Carns, capital no Land no
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Office equipment no Prepaid rent normally requires adjustment (pe) Supplies normally requires adjustment (pe) Unearned fees normally requires adjustment (ur) Wages expense normally requires adjustment (ae) EX. 3-23 Error a error b Overstated understated overstated understated 1.
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