TOPIC 4 : EXERICES EXERCICE #4 For the following situations, indicate the date on which revenue would be recognized, assuming the accrual basis of accounting. a. On June 10, a customer orders a product over the phone. The product is shipped to the customer on June 14, and the customer pays the amount owed on July 10. b. On March 15, a law firm agrees to draft a legal document for a client. The docu ment is completed and delivered to the client on April 5, and the client pays the amount owed on May 2. c. A homeowner signs a contract on August 6 to have a company install a central air conditioning system. The work is completed on August 30, and the home- owner pays the amount owed on September 25. EXERCICE #5 For the following situations, indicate the type of account to be debited and credited in a year-end adjusting entry. Use the following legend: A = Asset; l. = Liability; R = Revenue; E = Expense. Debit Credit Situation 1. A company owes employees for wages earned but not yet 2. Rent is earned for the month, and the tenant is given until the 10th of the following month to pay 3. A portion of an insurance policy paid for in advance has expired 4. A gift card is redeemed by its recipient paid