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:

SOC Code

An acronym for Standard Occupational Classification code, which is a system used to classify workers into occupational categories for the purpose of collecting, calculating, or disseminating data.

Major Group

A classification system used to group similar occupations or academic fields for organizational or analytical purposes.

Fundamental Human Needs

Basic requirements that are universal to all humans, including physiological needs, safety, love/belonging, esteem, and self-actualization.

Blustein's Perspective

A theoretical framework that focuses on the psychological relationship between individuals and their work, emphasizing the importance of work in personal identity and social integration.