Q1: Uneamed Revenue On December 21, 2020, Mr. Bagger received and deposited $790 from a customer, Mrs. McCartney, who paid in advance of the work. As of December 31, $300 of the work had been completed. 1. What is the required adjusting journal entry on December 31 if Mr. Bagger record the $790 cash as a liability (unearned revenue)? Use T-account to help you. Date Accounts Debit Credit Dec 31 To adjust revenue for December 2. What is the required adjusting journal entry on December 31 if Mr. Bagger record the $790 cash as a revenue? Date Accounts Debit Credit Dec 31 To adjust revenue for December Q2: Prepaid Expense At the end of 2019, Sam Lim had catering supplies on hand in the amount of $9,000 During 2020, the business paid $89,000 for additional catering supplies. At year end, the company's catering supplies on hand totalled $5,000. Required: 1) The 2020 year-end adjusting journal entry if Sam Lim records cash paid for supplies as an asset. Accounts Debit Credit Date Dec 31 To adjust revenue for December 2) The 2020 year-end adjusting joumal entry if Sam Lim records cash paid for supplies as an expense. Accounts Debit Credit Date Dec 31 To adjust revenue for December