)Susan Hardy, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Hardy’s law firm prepares monthly financial statements, when should it recognize revenue from this engagement? Why?
2)What is the debit/credit effect of a prepaid expense adjusting entry?
3) Explain the differences between depreciation expense and accumulated depreciation.
4)What is the debit/credit effect of an unearned revenue adjusting entry?
5). A company fails to recognize an expense incurred but not paid. Indicate which of the following accounts is debited and which is credited in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d) expense.
6) One-half of the adjusting entry is given below. Indicate the account title for the other half of the entry.
(a) Salaries and Wages Expense is debited.
(b) Depreciation Expense is debited.
(c) Interest Payable is credited.
(d) Supplies is credited.
(e) Accounts Receivable is debited.
(f) Unearned Service Revenue is debited.
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