Match each situation below to two applicable reasons that require an adjustment to be made.

A. Revenue has been earned.
B. Expense has been incurred.
C. Liability has been incurred.
D. Liability has been fulfilled.
E. Asset has been acquired.
F. Asset has been used up

1) Delta Airlines provided flights this month for customers who paid cash last month for tickets
2) GSD+M completed work on an advertising campaign that will be collected next month
3) Abercrombie received a telephone bill for services this month, which must be paid next month
4) The Tiger Woods Foundation used up some of the benefits of its 35,000-square-foot building
5) IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month
6) This month Apple, Inc. redeemed iTunes gift cards that had been issued last month
7) Schutt Sports used up some of the benefits of its football helmet manufacturing equipment
8) Procter & Gamble received a bill for this months advertising services, which it will pay next month___

1) A. C.

2) A. E.

3) B. C.

4) B. F.

5) A. E.

6) A. C.

7) B. F.

8) B. C.

Explanation:

1) Delta Airlines provided flights this month for customers who paid cash last month for tickets. Revenue has been earned. Liability has been incurred.

2) GSD+M completed work on an advertising campaign that will be collected next month. Revenue has been earned. Asset has been acquired.

3) Abercrombie received a telephone bill for services this month, which must be paid next month. Expense has been incurred. Liability has been incurred.

4) The Tiger Woods Foundation used up some of the benefits of its 35,000-square-foot building. Expense has been incurred. Asset has been used up.

5) IBM completed a consulting project for the CDC to simulate the spread of contagious viruses and will be paid next month. Revenue has been earned. Asset has been acquired.

6) This month Apple, Inc. redeemed iTunes gift cards that had been issued last month. Revenue has been earned. Liability has been incurred.

7) Schutt Sports used up some of the benefits of its football helmet manufacturing equipment. Expense has been incurred. Asset has been used up.

8) Procter & Gamble received a bill for this months advertising services, which it will pay next month. Expense has been incurred. Liability has been incurred.

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