Question

. Luong collects $1,300 from a customer in 2020 for services to be performed in 2021. select a type of adjusting entry 2. Luong incurs utility expense which is not yet paid in cash or recorded. select a type of adjusting entry 3. Luong’s employees worked 3 days in 2020 but will not be paid until 2021. select a type of adjusting entry 4. Luong performs services for customers but has not yet received cash or recorded the transaction. select a type of adjusting entry 5. Luong paid $2,800 rent on December 1 for the 4 months starting December 1.

Answer 1

Based on the information the type of  adjusting entry for each transaction are:

Unearned revenue are payment that are made by customers in advance for service they are yet to be render to them.

Accrued expense are expenses which are yet to be recorded but has been incurred.

Accrued revenue are revenue that has been incurred but which payment has not be received.

Prepaid expenses are expense or payment that are made in advance for future use.

• Luong collects $1,300 from a customer in 2020 for services to be  performed in 2021.

         Type of Adjusting entry: Unearned revenue

• Luong incurs utility expense which is not yet paid in cash or recorded.

        Type of Adjusting entry: Accrued expense

• Luong’s employees worked 3 days in 2020 but will not be paid until 2021.

        Type of Adjusting entry: Accrued expense

• Luong performs services for customers but has not yet received cash or recorded the transaction.

         Type of Adjusting entry: Accrued revenue

• Luong paid $2,800 rent on December 1 for the 4 months starting December 1.

        Type of Adjusting entry: Prepaid expense

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