Indicate If the Following Transactions Adjust a Prepaid Expense (PE)

question 170

Essay

Indicate if the following transactions adjust a Prepaid Expense (PE), an Accrued Expense (AE), an Unearned Revenue (UR), or an Accrued Revenue (AR):
_____ 1. Paid the yearly insurance policy.
_____ 2. Received payment for a yearly magazine subscription.
_____ 3. Services provided by an accountant that have not yet been billed or recorded.
_____ 4. Received the telephone bill which will be paid next month.
_____ 5. Received payment for computer consulting services which will be performed next year

Recognize the impact of inflation on saving and borrowing and adjust financial planning accordingly.

Analyze and apply the principles of mortgage payments, including the allocation of payments towards interest and principal over time.

Understand the concept of annuities and differentiate between various types.

Identify annuities due and their payment structure.

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Definitions:

Device Manager

A Windows program that views and configures hardware.

Game Controller

A device used to play games and control items or characters within the game.

Lumens

A measure of light output or brightness; how much visible light is coming out of equipment such as lamps, lighting equipment, or projectors.

Projector

A device that takes input from a device such as a computer, laptop, camera, and so on and sends that image to a screen or wall.