On April 1, DWO Consulting received $15,000 in advance for services to be perfor

ID: 2420368 • Letter: O

Question

On April 1, DWO Consulting received $15,000 in advance for services to be performed over the next 5 months.

What type of entry that is needed? (prepaid expense, unearned revenue, accrued revenue, accrued expense)

If DWO completed one-third of the work, prepare the adjusting entry DWO Consulting would make

On August 1, 2012, Kelly Company purchased a 1 year insurance policy for $1,200.

What type of entry that is needed? (prepaid expense, unearned revenue, accrued revenue, accrued expense)

Prepare the adjusting entry would Kelly Co. make each quarter?

Rebelo’s Café received a bill from the electric company for electricity used. The bill is for $325 and has not been paid yet.

What type of entry that is needed? (prepaid expense, unearned revenue, accrued revenue, accrued expense)

Prepare the adjusting entry should the Rebelo’s Café make?

On November 1, Jack Koska received $4,000 to plow an office complex for the months of December, January, February and March.

What type of entry that is needed? (prepaid expense, unearned revenue, accrued revenue, accrued expense)

What adjusting would Jack make at the end of January?

1.advance for services to be performed is comes under unearned revenue

2. insurance policy is comes under prepaid expanses.

3. bill from the electric company for electricity used is comes under accured expanses

4.to plow an office complex it comes under accrued expanse

accounts Debit credit Unearned revenue 15000 Revenue 15000

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