Yesenia Hernandez

Week Two Assignment

Revenues and Expenses

ACC 205

Professor- Rodisch

1. Recognition of concepts. Jim Armstrong operates a small company that books entertainers for theaters, parties, conventions, and so forth. The company's fiscal year ends on June 30. Consider the following items and classify each as either: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.

aInterest owed on the company's bank loan, to be paid in early July - Prepaid Expense

bProfessional fees earned but not billed as of June 30- Accrued Revenue

cOffice supplies on hand at year-end - Prepaid Expense

dAn advance payment from a client for a performance next month at a convention - Unearned Revenue

eThe payment in...