Student ID: Student Full English Name: 2. Adjusting entries -Part 2 Match the st
ID: 2437380 • Letter: S
Question
Student ID: Student Full English Name: 2. Adjusting entries -Part 2 Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided. TERMS A. Prepaid Expenses B. Unearned Revenues C. Accrued Revenues D. Accrued Expenses STATEMENTS 1. A revenue not yet earned; collected in advance. A 2. Office supplies on hand that will be used in the next period. 3. Interest revenue collected; not yet earned. C-4,. Rent not yet collected already earned. 5. An expense incurred; not yet paid or recorded. 6. A revenue earned; not yet collected or recorded. 7. An expense not yet incurred; paid in advance. 8. Interest expense incurred; not yet paid.Explanation / Answer
Solution:
1. A revenue not yet earned; collected in advance is unearned revenue - B
2. Office supplies on hand that will be used in next period is prepaid expenses - A
3. Interest revenue collected, not year earned is unearned revenue - B
4. Rent not yet collected, already earned is accrued revenue - C
5. An expense incurred, not yet paid or recorded - Accrued expenses - D
6. A revenue earned, not yet collected or recorded is accrued revenue - C
7. An expense not yet incurred, paid in advance is prepaid expenses - A
8. Interest expense incurred, not yet paid is accrued expenses - D