The ones with the checkmark OBJ. 1 prepaid expense, (2) unearned revenue, (3) ac

Question

The ones with the checkmark OBJ. 1 prepaid expense, (2) unearned revenue, (3) accrued c. Interest revenue earned but not received 6PE 3-28 Type of adjustment as () Classify the following items revenue, or (4) accrued expense a. Cash received for services not yet rendered b. Insurance paid for the next year d. Salaries owed but not yet paid. OBJ. 2 17,555 of fees have been earned but have not been billed Journalize the adjusting entry include an explanation) to record the accrued fees. 18 PE 3-3A Adjustment for accrued revenues At the end of the current year, $ to clients. OBJ. 2 PE 3-3B Adjustment for accrued revenues At the end of the current year, S$ to clients. 23,570 of fees have been earned but have not been billed Journalize the adjusting entry (include an explanation) to record the accrued fees. OBJ.2 E 3-4A Adjustment for accrued expense Prospect Realty Co. Saturday). Journalize the a the accounting period ends on Friday pays weekly salaries of $27,600 for a six-day workweek (Monday thru e necessary adjusting entry Cinclude an explanation) assuming that OBJ.2 PE 3-4B Adjustment for accrued expense We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ling on that day. Journalize the necessary adjusting entry (include an explanation) assuming that the accounting period ends on Wednesday OBJ.3 E 3-5A Adjustment for unearned revenue On June 1, 2019, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry (include an explanation) required for unearned rent on December 31, 2019

Explanation / Answer

PE3-2B a. Cash received for services not yet rendered Unearned service revenue b. Insurance paid for the next year Prepaid expense c. Interest revenue earned but not received Accrued revenue d. Salaries owed but not yet paid Accrued paid PE3-3B Accounts receivable Dr. 23570     Service revenue 23570 (For service rendered but not yet received) PE3-4A Salaries and wages expenses Dr. 23000    Salaries and wages payable (27600*5/6) 23000 (for salaries due to be paid for 5 days) PE3-5A Rent revenue Dr. (18900*5/12) 7875    Unearned rent revenue Account 7875

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