Adjusting entries affect at least one balance sheet account and at least one income statement account. 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 service revenues performed but not yet billed (nor recorded). Entry to record janitorial expense incurred but not yet paid. Entry to record rent expense incurred but not yet paid. Entry to record interest expense incurred but not yet paid. Entry to record expiration of prepaid rent.

Entry to record service revenues performed but not yet billed (nor recorded).

Dr Accounts receivable (asset, balance sheet)

    Cr Service revenue (revenue, income statement)

Entry to record janitorial expense incurred but not yet paid.

Dr Janitorial expense (expenses, income statement)

    Cr Janitorial expenses payable (liability, balance sheet)

Entry to record rent expense incurred but not yet paid.

Dr Rent expense (expenses, income statement)

    Cr Rent expenses payable (liability, balance sheet)

Entry to record interest expense incurred but not yet paid.

Dr interest expense (expenses, income statement)

    Cr Interest expenses payable (liability, balance sheet)

Entry to record expiration of prepaid rent.

Dr Rent expense (expenses, income statement)

    Cr Prepaid rent (asset, balance sheet)

answer; importance to people; or acceptance;

answercompetitive advantage;