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

question 265

Short Answer

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 $245.
2. Property taxes that have been incurred but that have not yet been paid or recorded amount to $300.
3. Legal fees of $1,000 were collected in advance. By year end 60 percent were still unearned.
4. Prepaid insurance had a $500 balance prior to adjustment. By year end, 40 percent was still unexpired.
5. Unpaid salaries earned by year end but not yet paid or recorded amounted to $1,200.

Recognize the comprehensive definition of "team" in family enterprising and its implications for entrepreneurial activities.

Understand the concept and significance of transgenerational entrepreneurship.

Grasp the essential characteristics of enterprising organizations and their strategies for competitive advantage.

Comprehend the impact of a family's entrepreneurial activity on innovation and transformational change.

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Definitions:

Sea Turtles

Marine reptiles belonging to the order Testudines, characterized by a bony or cartilaginous shell and spending most of their lives in the ocean, with some species endangered due to human activities.

Pollution

The introduction of contaminants into the natural environment causing adverse change.

Mass Transit

Public transportation systems that move large numbers of people efficiently across cities and surrounding areas.

Natural Increase

The growth in population size as a result of more births than deaths, excluding migration.