aSecure https//edus PLUS Kimmel, Financdial Accounting, se 1, Study & Practice G

Question

aSecure https//edus PLUS Kimmel, Financdial Accounting, se 1, Study & Practice G Gradebook ORION Dwnleadable e Textbook Open Assignment Question 1 State whether each situation is a prepaid expense (PE), unearned revenue (UR), accrued revenue (AR) or an accrued expense (AE) blems 1. Unrecorded interest on savings bonds is $245 2. Property taxes that have been incurred but that have not yet been paid or recorded amount to $300 3. Legal fees of $1,000 were collected in advance. By year end 60 percent were still unearned 4. Prepaid insurance had a $500 balance prior to adjustment. By year end, 40 percent mas still unexpired 5. Unpaid salaries eaned by year end but not yet paid or recorded amounted to $1,200 3 ey accessing this Question Assistance, you will learn while you earn points based on the Point Potential Polcy set by your instructor.

Explanation / Answer

Answer:

1.Accrued Revenue $245

2.Accrued Expense $ 300

3.Unearned Revenue (60%)

4.Prepaid expense (40%)

5.Accrued Expense $ 1200

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