Edit View History Bookmarks Window Help 3-2 6 Saved 4 During the year, a company

Question

Edit View History Bookmarks Window Help 3-2 6 Saved 4 During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Unearned Services Revenue account to recognize earned revenue, and (3) record services revenue earned for which cash will be received the following period. For each of these adjusting entries (). (2), and (3), indicate the account to be debited and the account to be credited. ints eBock a. Prepaid Salaries References c. Salaries Payable d. Unearned Services Revenue e. Salaries Expense t. Services Revenue g. Accounts Receivable h. Accounts Payable Adjusting entries 1. Accrue salaries expense Debit K Prev 4 of 14 Next 4

Explanation / Answer

Answer =1: Accrual Salaries Expenses Sr. No. Debit Salary Expense E Credit Salaries Payable C Answer = 2: Adjsut the Unearned Services Revenue account to recognized Earned Revenue Debit Unearned Service Revenue D Creidt Service Revenue F Answer = 3: Record the service revenue earned for which cash will be received the following period Debit Cash B Credit Account Receivable G

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