Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Purchased equipment on January 1, 2020; the equipment will be used for 5 years." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Performed consulting services for a client in December 2020. On December 31, it had not billed the client for services provided of $1,200." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Borrowed $12,000 on October 1, 2020, signing an 8% one-year note payable." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Employees worked 3 days in 2020 but will not be paid until 2021." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Performs services for customers but has not yet received cash or recorded the transaction." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Paid $2,800 rent on December 1 for the 4 months starting December 1." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Purchased $900 of supplies in 2020; at year-end, $400 of supplies remain unused." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Collects $1,300 from a customer in 2020 for services to be performed in 2021." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Received cash for future services and recorded a liability until the service was performed." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Incurs utility expense which is not yet paid in cash or recorded." Your answer Identify what type of adjusting entry (Prepaid Expense, Unearned Revenue, 1 point Accrued Expense, or Accrued Revenue) is needed for the following situation: "Paid cash for an expense and recorded as an asset until the item was used up." Your