Column preview -Services provided by an attorney that have not been recorded. -P
ID: 2378961 • Letter: C
Question
Column preview
-Services provided by an attorney that have not been recorded.
-Paid for one year’s insurance policy.
-Retainage received by the client for future legal representation.
-Annual property taxes that are paid at the end of the year.
-Electric bill to be paid next month.
-Paid for a magazine subscription for the next 6 months.
-Received payment for a magazine subscription for the next 6 months.
-Provided tutoring for a student, invoice to be sent at the beginning of the next month to the parent for payment.
A-Accrued expense
b-Unearned revenue
c-Prepaid expense
D-Accrued revenue
Explanation / Answer
-Services provided by an attorney that have not been recorded. A-Accrued expense -Paid for one year’s insurance policy. c-Prepaid expense -Retainage received by the client for future legal representation. b-Unearned revenue -Annual property taxes that are paid at the end of the year. A-Accrued expense -Electric bill to be paid next month. A-Accrued expense -Paid for a magazine subscription for the next 6 months. c-Prepaid expense -Received payment for a magazine subscription for the next 6 months. b-Unearned revenue -Provided tutoring for a student, invoice to be sent at the beginning of the next month to the parent for payment. D-Accrued revenue