Indicate whether each entry is an adjusting entry or a regular journal entry, and, if it is an adjusting entry, identify it as one of the following types: (1) revenue recognized before collection of cash, (2) expense recognized before payment of cash, (3) revenue recognized after collection of cash, or (4) expense recognized after payment of cash. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns.

Identification of Adjusting Entries Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on December 31 of a recent year. Required: Indicate whether each entry is an adjusting entry or a regular journal entry, and, if it is an adjusting entry, identify it as one of the following types: (1) revenue recognized before collection of cash, (2) expense recognized before payment of cash, (3) revenue recognized after collection of cash, or (4) expense recognized after payment of cash. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns. a. On December 31, Conklin completed a service agreement for Pizza Planet and recorded the related revenue. The job started in August. Adjusting entry X revenue recognized before collection X b. Conklin provides weekly service visits to the local C.). Nickel department store to check and maintain various pieces of computer printing equipment. On December 31, Conklin recorded revenue for the visits completed during December. The cash will not be received until January. Adjusting entry revenue recognized before collection c. Conklin's salaried employees are paid on the last day of every month. On December 31, Conklin recorded the payment of December salaries. Regular journal entry not applicable d. Conklin's hourly wage employees are paid every Friday. On December 31, Conklin recorded as payable the wages for the first three working days of the week in which the year ended. Adjusting entry expense recognized before payment e. On December 31, Conklin recorded the receipt of a shipment of office supplies from Office Supplies Inc. to be paid for in January. Adjusting entry X revenue recognized before collection X f. On December 31, Conklin recorded the estimated use of supplies for the year. The supplies were purchased for cash earlier in the year. Adjusting entry expense recognized after payment g. Early in December, Conklin was paid in advance by Parker Enterprises for 2 months of weekly service visits. Conklin recorded the advance payment as a liability. On December 31, Conklin recorded revenue for the service visits to Parker Enterprises that were completed during December. Adjusting entry revenue recognized before collection X h. On December 31, Conklin recorded depreciation expense on office equipment for the year. Regular journal entry X not applicable x Exercise 3-45 Identification of Adjusting Entries Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on December 31 of a recent year. Required: Indicate whether each entry is an adjusting entry or a regular journal entry, and, if it is an adjusting entry, identify it as one of the following types: (1) revenue recognized before collection of cash, (2) expense recognized before payment of cash, (3) revenue recognized after collection of cash, or (4) expense recognized after payment of cash. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns. a. On December 31, Conklin completed a service agreement for Pizza Planet and recorded the related revenue. The job started in August. Adjusting entry X revenue recognized before collection X b. Conklin provides weekly expense recognized after payment partment store to check and maintain various pieces of computer printing equipment. On December 31, Conklin recorded revenue for the visits completed during December. The cash will not be received until Ja expense recognized before payment Adjusting entry re not applicable C. Conklin's salaried emplo honth. On December 31, Conklin recorded the payment of December salaries. Regular journal entry revenue recognized after collection revenue recognized before collection d. Conklin's hourly wage e tember 31, Conklin recorded as payable the wages for the first three working days of the week in which the year ended. Adjusting entry expense recognized before payment e. On December 31, Conklin recorded the receipt of a shipment of office supplies from Office Supplies Inc. to be paid for in January. Adjusting entry X revenue recognized before collection X f. On December 31, Conklin recorded the estimated use of supplies for the year. The supplies were purchased for cash earlier in the year. Adjusting entry expense recognized after payment g. Early in December, Conklin was paid in advance by Parker Enterprises for 2 months of weekly service visits. Conklin recorded the advance payment as a liability. On December 31, Conklin recorded revenue for the service visits to Parker Enterprises that were completed during December. Adjusting entry revenue recognized before collection X h. On December 31, Conklin recorded depreciation expense on office equipment for the year. Regular journal entry X not applicable X Identification of Adjusting Entries Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on December 31 of a recent year. Required: Indicate whether each entry is an adjusting entry or a regular journal entry, and, if it is an adjusting entry, identify it as one of the following types: (1) revenue recognized before collection of cash, (2) expense recognized before payment of cash, (3) revenue recognized after collection of cash, or (4) expense recognized after payment of cash. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns. a. On December 31, Conklin completed a service agreement for Pizza Planet and recorded the related revenue. The job started in August. Adjusting entry X revenue recognized before collection X b. Conklin provides weekly service visits to the local C.). Nickel department store to check and maintain various pieces of computer printing equipment. On December 31, Conklin recorded revenue for the visits completed during December. The cash will not be received until January. Adjusting entry revenue recognized before collection C. Conklin's salaried employees are paid on the last day of every month. On December 31, Conklin recorded the payment of December salaries. Regular journal entry not applicable d. Conklin's hourly wage employees are paid every Friday. On December 31, Conklin recorded as payable the wages for the first three working days of the week in which the year ended. Adjusting entry expense recognized before payment e. On December 31, Conklin recorded the receipt of a shipment of office supplies from Office Supplies Inc. to be paid for in January. Adjusting entry X revenue recognized before collection X f. On December 31, Conkli expense recognized after payment is for the year. The supplies were purchased for cash earlier in the year. Adjusting entry ex expense recognized before payment g. Early in December, Coni not applicable rprises for 2 months of weekly service visits. Conklin recorded the advance payment as a liability. On December 31, Conklin recorded revenue for the service visits to Parker Enterprises that were completed during Adjusting entry re revenue recognized after collection revenue recognized before collection h. On December 31, Conkl fice equipment for the year. Regular journal entry X not applicable x Identification of Adjusting Entries Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on December 31 of a recent year. Required: Indicate whether each entry is an adjusting entry or a regular journal entry, and, if it is an adjusting entry, identify it as one of the following types: (1) revenue recognized before collection of cash, (2) expense recognized before payment of cash, (3) revenue recognized after collection of cash, or (4) expense recognized after payment of cash. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns. a. On December 31, Conklin completed a service agreement for Pizza Planet and recorded the related revenue. The job started in August. Adjusting entry X revenue recognized before collection X b. Conklin provides weekly service visits to the local C.J. Nickel department store to check and maintain various pieces of computer printing equipment. On December 31, Conklin recorded revenue for the visits completed during December. The cash will not be received until January. Adjusting entry revenue recognized before collection c. Conklin's salaried employees are paid on the last day of every month. On December 31, Conklin recorded the payment of December salaries. Regular journal entry not applicable d. Conklin's hourly wage employees are paid every Friday. On December 31, Conklin recorded as payable the wages for the first three working days of the week in which the year ended. Adjusting entry expense recognized before payment e. On December 31, Conkl expense recognized after payment office supplies from Office Supplies Inc. to be paid for in January Adjusting entry X re expense recognized before payment f. On December 31, Conkli not applicable s for the year. The supplies were purchased for cash earlier in the year. Adjusting entry ex revenue recognized after collection g. Early in December, Con rprises for 2 months of weekly service visits. Conklin recorded the advance payment as a liability. On December 31, Conklin recorded revenue for the service visits to Parker Enterprises revenue recognized before collection that were completed during Adjusting entry revenue recognized before collection X h. On December 31, Conklin recorded depreciation expense on office equipment for the year. Regular journal entry X not applicable X Exercise 3-45 Identification of Adjusting Entries Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on December 31 of a recent year. Required: Indicate whether each entry is an adjusting entry or a regular journal entry, and, if it is an adjusting entry, identify it as one of the following types: (1) revenue recognized before collection of cash, (2) expense recognized before payment of cash, (3) revenue recognized after collection of cash, or (4) expense recognized after payment of cash. If the entry is a regular journal entry, select "not applicable" from the second set of dropdowns. a. On December 31, Conklin completed a service agreement for Pizza Planet and recorded the related revenue. The job started in August. Adjusting entry X revenue recognized before collection X b. Conklin provides weekly service visits to the local C.). Nickel department store to check and maintain various pieces of computer printing equipment. On December 31, Conklin recorded revenue for the visits completed during December. The cash will not be received until January. Adjusting entry revenue recognized before collection c. Conklin's salaried employees are paid on the last day of every month. On December 31, Conklin recorded the payment of December salaries. Regular journal entry not applicable d. Conklin's hourly wage employees are paid every Friday. On December 31, Conklin recorded as payable the wages for the first three working days of the week in which the year ended. Adjusting entry expense recognized before payment e. On December 31, Conklin recorded the receipt of a shipment of office supplies from Office Supplies Inc. to be paid for in January. Adjusting entry X revenue recognized before collection X f. On December 31, expense recognized after payment supplies for the year. The supplies were purchased for cash earlier in the year. Adjusting entry nt expense recognized before payment g. Early in Decembe not applicable r Enterprises for 2 months of weekly service visits. Conklin recorded the advance payment as a liability. On December 31, Conklin recorded revenue for the service visits to Parker Enterprises that were completed Adjusting entry revenue recognized after collection ction X revenue recognized before collection h. On December 31, on office equipment for the year. Regular journal entry X not applicable x