ABC Company uses the approach that records prepaid expenses as expenses and records unearned revenues as revenues ABC Companny prepares annual financial statements Select the correct journal entry or adjusting journal entry for each scenario given Of the $2,000 in advertising expenses paid on March 1, 2020, $500 of advertising publishing had not been completed at May 31, 2020 Answer 1Choose Dr Telephone Expense $50 and Cr Accounts Payable $50Dr Revenue $1,500 and Cr Unearned Revenue $1,500Dr Prepaid Interest Expense $90 and Cr Cash $90Dr Interest Expense $90 and Cr Interest Payable $90Dr Unearned Revenue $1,500 and Cr Revenue $1,500Dr Prepaid Advertising $500 and Cr Advertising Expense $500Dr AR $1,500 and Cr Revenue $1,500Dr Telephone Expense $50 and Cr Cash $50Dr Advertising Expense $500 and Cr Prepaid Advertising Expense $500Dr Interest Expense $90 and Cr Notes Payable $90 The May 2020 phone bill for $50 was unpaid and unrecorded at May 31, 2020 It will be paid on June 1, 2020 Answer 2Choose Dr Telephone Expense $50 and Cr Accounts Payable $50Dr Revenue $1,500 and Cr Unearned Revenue $1,500Dr Prepaid Interest Expense $90 and Cr Cash $90Dr Interest Expense $90 and Cr Interest Payable $90Dr Unearned Revenue $1,500 and Cr Revenue $1,500Dr Prepaid Advertising $500 and Cr Advertising Expense $500Dr AR $1,500 and Cr Revenue $1,500Dr Telephone Expense $50 and Cr Cash $50Dr Advertising Expense $500 and Cr Prepaid Advertising Expense $500Dr Interest Expense $90 and Cr Notes Payable $90 At ABC Company's year end, May 31, 2020, the company determined that $1,500 of the services that the customer had paid for on April 30, 2020 had not been earned Answer 3Choose Dr Telephone Expense $50 and Cr Accounts Payable $50Dr Revenue $1,500 and Cr Unearned Revenue $1,500Dr Prepaid Interest Expense $90 and Cr Cash $90Dr Interest Expense $90 and Cr Interest Payable $90Dr Unearned Revenue $1,500 and Cr Revenue $1,500Dr Prepaid Advertising $500 and Cr Advertising Expense $500Dr AR $1,500 and Cr Revenue $1,500Dr Telephone Expense $50 and Cr Cash $50Dr Advertising Expense $500 and Cr Prepaid Advertising Expense $500Dr Interest Expense $90 and Cr Notes Payable $90 Interest of $90 had accrued on the bank loan as at May 31, 2020 It is to be paid on June 15, 2020

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ABC Company uses the approach that records prepaid expenses as expenses and records unearned revenues as revenues. ABC Companny prepares annual financial statements. Select the

ABC Company uses the approach that records prepaid expenses as expenses and records unearned revenues as revenues. ABC Companny prepares annual financial statements. Select the correct journal entry or adjusting journal entry for each scenario given.

Of the $2,000 in advertising expenses paid on March 1, 2020, $500 of advertising publishing had not been completed at May 31, 2020.	Answer 1Choose...Dr. Telephone Expense $50 and Cr. Accounts Payable $50Dr. Revenue $1,500 and Cr. Unearned Revenue $1,500Dr. Prepaid Interest Expense $90 and Cr. Cash $90Dr. Interest Expense $90 and Cr. Interest Payable $90Dr. Unearned Revenue $1,500 and Cr. Revenue $1,500Dr. Prepaid Advertising $500 and Cr. Advertising Expense $500Dr. AR $1,500 and Cr. Revenue $1,500Dr. Telephone Expense $50 and Cr. Cash $50Dr. Advertising Expense $500 and Cr. Prepaid Advertising Expense $500Dr. Interest Expense $90 and Cr. Notes Payable $90
The May 2020 phone bill for $50 was unpaid and unrecorded at May 31, 2020. It will be paid on June 1, 2020.	Answer 2Choose...Dr. Telephone Expense $50 and Cr. Accounts Payable $50Dr. Revenue $1,500 and Cr. Unearned Revenue $1,500Dr. Prepaid Interest Expense $90 and Cr. Cash $90Dr. Interest Expense $90 and Cr. Interest Payable $90Dr. Unearned Revenue $1,500 and Cr. Revenue $1,500Dr. Prepaid Advertising $500 and Cr. Advertising Expense $500Dr. AR $1,500 and Cr. Revenue $1,500Dr. Telephone Expense $50 and Cr. Cash $50Dr. Advertising Expense $500 and Cr. Prepaid Advertising Expense $500Dr. Interest Expense $90 and Cr. Notes Payable $90
At ABC Company's year end, May 31, 2020, the company determined that $1,500 of the services that the customer had paid for on April 30, 2020 had not been earned.	Answer 3Choose...Dr. Telephone Expense $50 and Cr. Accounts Payable $50Dr. Revenue $1,500 and Cr. Unearned Revenue $1,500Dr. Prepaid Interest Expense $90 and Cr. Cash $90Dr. Interest Expense $90 and Cr. Interest Payable $90Dr. Unearned Revenue $1,500 and Cr. Revenue $1,500Dr. Prepaid Advertising $500 and Cr. Advertising Expense $500Dr. AR $1,500 and Cr. Revenue $1,500Dr. Telephone Expense $50 and Cr. Cash $50Dr. Advertising Expense $500 and Cr. Prepaid Advertising Expense $500Dr. Interest Expense $90 and Cr. Notes Payable $90
Interest of $90 had accrued on the bank loan as at May 31, 2020. It is to be paid on June 15, 2020.