Solved

Match the Statements Below with the Appropriate Terms by Entering

Question 311

Matching

Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided.

Premises:
Office supplies on hand that will be used in the next period
Subscription revenue collected; not yet recognized.
Interest expense incurred; not yet paid.
A revenue not yet recognized; collected in advance.
Rent not yet collected; already recognized.
An expense not yet incurred; paid in advance.
A revenue recognized; not yet collected or recorded.
An expense incurred; not yet paid or recorded.
Responses:
Accrued Expenses
Unearned Revenues
Prepaid Expenses
Accrued Revenues

Correct Answer:

Office supplies on hand that will be used in the next period
Subscription revenue collected; not yet recognized.
Interest expense incurred; not yet paid.
A revenue not yet recognized; collected in advance.
Rent not yet collected; already recognized.
An expense not yet incurred; paid in advance.
A revenue recognized; not yet collected or recorded.
An expense incurred; not yet paid or recorded.
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