emeril corporation encounters the following situations 461374

This question from book : accounting principles 9th for Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

Chapter 3

E3-4 Emeril Corporation encounters the following situations:

1. Emeril collects $1,000 from a customer in 2010 for services to be performed in 2011.

2. Emeril incurs utility expense which is not yet paid in cash or recorded.

3. Emeril’s employees worked 3 days in 2010, but will not be paid until 2011.

4. Emeril earned service revenue but has not yet received cash or recorded the transaction.

5. Emeril paid $2,000 rent on December 1 for the 4 months starting December 1.

6. Emeril received cash for future services and recorded a liability until the revenue was

earned.

7. Emeril performed consulting services for a client in December 2010. On December 31, it

billed the client $1,200.

8. Emeril paid cash for an expense and recorded an asset until the item was used up.

9. Emeril purchased $900 of supplies in 2010; at year-end, $400 of supplies remain unused.

10. Emeril purchased equipment on January 1, 2010; the equipment will be used for 5 years.

11. Emeril borrowed $10,000 on October 1, 2010, signing an 8% one-year note payable.

Instructions

Identify what type of adjusting entry (prepaid expense, unearned revenue, accrued expense, accrued

revenue) is needed in each situation, at December 31, 2010.

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