For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account. Assume the company records prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. Entry to record consulting services performed but not yet billed or recorded. Entry to record service revenues performed but not yet billed or recorded. Entry to record rent expense incurred but not yet paid. Entry to record expiration of prepaid rent. Entry to record supplies used as supplies expense.

The accounts to be debited are:

A) Entry to record consulting services performed but not yet billed is debited to Accounts Receivable. This is a balance sheet item. In balance sheets, Accounts receivables are listed as assets. To increase assets in the balance sheet, you debit. To decrease it, you credit. Liabilities on the other hand are increased by crediting and decreased by debiting the same.

B) Entry to record service revenues performed but not yet billed or recorded is debited to Accounts Receivable. This also follows the same format in A above.

C) Entry to record rent expense incurred but not yet paid is credited to Accounts payable. This is also a balance sheet item. Recall the principle in A above.

D) Entry to record expiration of prepaid rent: This is an Income statement posting. Given that the rent was paid for but now expired that is, unusable, it, therefore, is an expense. The expense account will be credited.

E) Entry to record supplies used as supplies expense is credited to Supplies Expenses account. This is an income statement account. According to the principle of double-entry, you debit the receiver and credit the giver.

See the link below for more about Accounting Entries:

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