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, 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 Unearned expense Revenue Accrued Acerued Expense Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES DEBITCREDIT April $ 30 . For each of the following items show: a. the type of the account (whether it belongs to assets, liabilities, equity, revenues, expenses, or dividends) b. in which statements it should appear (Income Statement, Retained Earnings Statement, or Statement of Financial Position) Account Title Account Type Share Capital Supplies Expense Accounts Receivable > > Accumulated Depreciation > Buildings 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, 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 Unearned expense Revenue Accrued Accrued Expense Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES DEBITCREDIT April 30 1 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, 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 Unearned expense Revenue Accrued Accrued Expense Revenue b. The necessary adjusting entry is the following: DATE ACCOUNT TITLES DEBITCREDIT April 30 1