It is accounting but very hard to me because I did not have learned any time.?

Question

Please share your knowledge.

Match the end-of-financial-year adjustments (for each independent situation) to the appriciate journal entry.

Adjustments

1. Insurance expense which has not been used up (there is still future cover)

2. Portion of recognised revenue which is considered unearned

3. Revenue received in advance which is now earned

4. Portion of prepaid insurance which has now expired (been used up)

5. Revenue earned but not yet received

6. Expenses incurred but not yet paid

Journal entry

(a) Prepaid Insurance Dr, Insurance Expense Cr

(b) Unearned Revenue Dr, Revenue Cr

(c) Insurance Expense Dr, Prepaid Insurance Cr

(d) Revenue Dr, Unearned Revenue Cr

(e) Expenses Dr, Expenses Payable Cr

(f) Revenue Receivable Dr, Revenue Cr

Answer 1

1.  a

2.  d

3.  b

4.  c

5.  f

6.  e