State Whether Each Situation Is a Prepaid Expense (PE) Unearned

question 182

Essay

State whether each situation is a prepaid expense (PE) unearned revenue (UR) accrued revenue (AR) or an accrued expense (AE).
1. Unrecorded interest on savings bonds is $180.
2. Property taxes that have been incurred but that have not yet been paid or recorded amount to $500.
3. Legal fees of $1200 were collected in advance. By year end 60 percent were still unearned.
4. Prepaid insurance had a $600 balance prior to adjustment. By year end 40 percent was still unexpired.

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Definitions:

Exercise Routine

A regimen of physical activities designed and scheduled with the aim of improving or maintaining physical fitness and overall health.

Contemplation

A phase of reflection or deep thought, often preceding a decision or action.

Contemplation Stage

The period in which an individual is aware a change is needed and is actively considering making that change but has not yet committed to taking action.

Tangible Assistance

Physical or concrete help provided to individuals or groups, such as resources or material aid.