Match the Statements Below with the Appropriate Terms by Entering

question 8

Short Answer

Match the statements below with the appropriate terms by entering the appropriate letter code in the spaces provided.
TERMS:
A. Prepaid Expenses
B. Unearned Revenues
C. Accrued Revenues
D. Accrued Expenses
STATEMENTS:
1. A revenue not yet recognized; collected in advance.
2. Office supplies on hand that will be used in the next period.
3. Interest revenue collected; not yet recognized.
4. Rent not yet collected; already recognized.
5. An expense incurred; not yet paid or recorded.
6. A revenue recognized; not yet collected or recorded.
7. An expense not yet incurred; paid in advance.
8. Interest expense incurred; not yet paid.

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Definitions:

Advertising

The action of calling public attention to products, services, or events, often through paid announcements by an identified sponsor.

Debit

The left side of an account.

Cash

Money in the form of coins or banknotes, especially that held by an organization or individual.