One Part of Eight Adjusting Entries Is Given Below

question 299

Essay

One part of eight adjusting entries is given below.
Instructions
Indicate the account title for the other part of each entry.
1. Unearned Service Revenue is debited.
2. Prepaid Rent is credited.
3. Accounts Receivable is debited.
4. Depreciation Expense is debited.
5. Utilities Expense is debited.
6. Interest Payable is credited.
7. Service Revenue is credited (give two possible debit accounts).
8. Interest Receivable is debited.

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Definitions:

Labor Efficiency Variance

The difference between the actual labor hours worked and the expected labor hours, multiplied by the standard labor rate, indicating efficiency in labor use.

Labor Rate Variance

A metric that calculates the difference between the actual and expected cost of labor.

Labor Efficiency Variance

The difference between the actual labor hours used and the standard labor hours expected for the level of production achieved, indicating labor productivity.

Labor Rate Variance

The difference between the actual cost of labor and the budgeted or standard cost, indicating efficiency or inefficiency in workforce use.