During April services of $500 are provided for customers but cash will be collected in May. Required: With regard to the above situation: a. State whether it is a prepaid expense, unearned revenue, accrued revenue or an accrued expense. b. Assuming that the accounting period is 1 month, prepare the necessary adjusting entry on April 30. Answer a. This situation is a OPrepaid expense Ounearned Revenue Accrued Expense Accrued Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES April 30 DEBIT CREDIT During April interest of $250 has accrued accumulated) on a note payable. However it will be paid on December 31. Required: With regard to the above situation: a. State whether it is a prepaid expense, unearned revenue, accrued revenue or an accrued expense. b. Assuming that the accounting period is 1 month, prepare the necessary adjusting entry on April 30. Answer a. This situation is a Prepaid expense Unearned Revenue Accrued Expense Accrued Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES April 30 DEBIT CREDIT . On April 1 a new employee was hired for a salary of $800. On April 30, the timesheets show that the employee worked for a full month, but the salary will be paid on May. Required: With regard to the above situation: a. State whether it is a prepaid expense, uncarned revenue, accrued revenue or an accrued expense. b. Assuming that the accounting period is 1 month, prepare the necessary adjusting entry on April 30. Answer a. This situation is a Prepaid expense Unearned Revenue Accrued Expense Accrued Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES April 30 DEBIT CREDIT