"Week 2 Assignment"

Theresa M. Odom

ACC 205

Brent Beyer

October 24, 2014

Week 2 Assignment

1. Recognition of concepts.

a. 3 Accrued Exp

b. 4 Accrued Rev

c. 1 Prepaid Exp

d. 2 Unearned Rev

e. 1 Prepaid Exp

f. 1 Prepaid Exp

g. 5 None

h. 5 None

1. Understanding the closing process

a. Note payable, accounts receivable, accumulated depreciation: building, accounts payable, cash

b. Alex Kenzy, drawing, product revenue, utility expense, supplies expense

c. Utility expense, supplies expense

d. Alex Kenzy, drawing

1. Adjusting entries and financial statements.

a. Adjustment of an unearned revenue; increase in revenue by 750

Unearned Revenue

      750 

Revenue

      750 

Adjustment of unearned revenue

b. Adjustment to record an accrued revenue, increase in revenue by...