Emeril Corporation encounters the following situations:
1. Emeril collects $1,000 from a customer in 2010 for servicestobe performed in 2001.
2. Emeril incurs utility expense which is not yet paid in cashorrecorded.
3. Emerilâs employees worked 3 days in 2010, but will notbe paiduntil 2011.
4. Emeril earned service revenue but has not yet received cashorrecorded the transaction.
5. Emeril paid $2,000 rent on December 1 for the 4monthsstarting December 1.
6. Emeril received cash for future services and recordedaliability until the revenue was earned.
7. Emeril performed consulting services for a client inDecember2010. On December 31, it billed the client $1,200.
8. Emeril paid cash for an expense and recorded an assetuntilthe item was used up.
9. Emeril purchased $900 of supplies in 2010; at year-end,$400of supplies remains unused.
10. Emeril purchased equipment on January 1, 2010; theequipmentwill be used for 5 years.
11. Emeril borrowed $10,000 on October 1, 2010, signing an8%one-year note payable.
Instructions:
Identify what type of adjusting entry (prepaidexpense,unearned revenue, accrued expense, accrued revenue) isneeded ineach situation, at December 31, 2010.Thank You, Please Show AllWork
Emeril Corporation encounters the following situations:
1. Emeril collects $1,000 from a customer in 2010 for servicestobe performed in 2001.
2. Emeril incurs utility expense which is not yet paid in cashorrecorded.
3. Emerilâs employees worked 3 days in 2010, but will notbe paiduntil 2011.
4. Emeril earned service revenue but has not yet received cashorrecorded the transaction.
5. Emeril paid $2,000 rent on December 1 for the 4monthsstarting December 1.
6. Emeril received cash for future services and recordedaliability until the revenue was earned.
7. Emeril performed consulting services for a client inDecember2010. On December 31, it billed the client $1,200.
8. Emeril paid cash for an expense and recorded an assetuntilthe item was used up.
9. Emeril purchased $900 of supplies in 2010; at year-end,$400of supplies remains unused.
10. Emeril purchased equipment on January 1, 2010; theequipmentwill be used for 5 years.
11. Emeril borrowed $10,000 on October 1, 2010, signing an8%one-year note payable.
Instructions:
Related questions
Hart Corporation encounters the following situations:
Identify what type of adjusting entry (prepaid expense, unearnedrevenue, accrued expense, or accrued revenue) is needed in eachsituation at December 31, 2015.
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