The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model
Question:
The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and statement of cash flows. Indicate whether the event increases (+), decreases (−), or does not affect (NA) each element of the financial statements. Also, in the Statement of Cash Flows column, use the letters OA to designate operating activity, IA for investing activity, and FA for financing activity. The first event is recorded as an example.
Event No. Account Title Debit Credit 1. Cash XXX Common Stock XXX 2. Prepaid Rent Cash XXX XXX Accounts Receivable XXX Service Revenue XXX 4. Cash XXX Unearned Revenue XXX Cash XXX Accounts Receivable XXX Supplies Accounts Payable XXX XXX Salaries Expense Cash 7. XXX XXX 8. Utilities Expense XXX Cash XXX 9. Supplies Expense Supplies XXX XXX 10. Unearned Revenue XXX Service Revenue XXX Cash Service Revenue 11. XXX XXX 12. Dividends XXX Cash XXX 13. Rent Expense Prepaid Rent XXX XXX 3. 5. 6.
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Event Number Item Name Financial PositionBalance Sheet Income S...View the full answer
Introductory Financial Accounting for Business
ISBN: 978-1260299441
1st edition
Authors: Thomas Edmonds, Christopher Edmonds
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Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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