Acc 205 Revenue And Expenses

Recognition of concepts.Jim Armstrong operates a small company that books entertainers for theatres, parties, conventions, and so forth. The company’s fiscal year ends on June 30. Consider the following items and classify each as either (1) prepaid expense, (2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing. a Interest owed on the company's bank loan, to be paid in early July - Accrued Expenseb Professional fees earned but not billed as of June 30 - Accrued revenuec Office supplies on hand at year-end - Prepaid expensed An advance payment from a client for a performance next month at a convention Unearned revenuee The payment in part (d) from the client's point of view - Prepaid expensef Amounts paid on June 30 for a 1-year insurance policy Prepaid expenseg The bank loan payable in part (a) None of the foregoingh Repairs to the firm's copy machine, incurred and paid in June None of the foregoing2. Understanding the closing process. Examine the following list of accounts: Note Payable Accumulated Depreciation: