Classify the following items as (a) Prepaid expense, (b) Unearned revenue, (c) Accrued revenue, or (d) Accrued
Question:
(a) Prepaid expense,
(b) Unearned revenue,
(c) Accrued revenue, or
(d) Accrued expense.
1. A two-year premium paid on a fire insurance policy.
2. Fees earned but not yet received.
3. Fees received but not yet earned.
4. Salary owed but not yet paid.
5. Subscriptions received in advance by a magazine publisher.
6. Supplies on hand.
7. Taxes owed but payable in the following period.
8. Utilities owed but not yet paid.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 54% (11 reviews)
1 Prepaid expense 2 Accrued e...View the full answer
Answered By
Simon kingori
I am a tier-one market researcher and content developer who has been in this field for the last six years. I’ve run the freelancing gamut; from market research, data mining and SEO/SMM to copywriting, Content Development, you name it, I’ve done it. I’m extremely motivated, organized and disciplined – you have to be to work from home. My experience in Freelancing is invaluable- but what makes me a cut above the rest is my passion to deliver quality results to all my clients- it’s important to note, I've never had a dissatisfied client. Backed by a Masters degree in Computer Science from MOI university, I have the required skill set and burning passion and desire to deliver the best results for my clients. This is the reason why I am a cut above the rest. Having taken a Bsc. in computer science and statistics, I deal with all round fields in the IT category. It is a field i enjoy working in as it is dynamic and new things present themselves every day for research and exploration.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Financial And Managerial Accounting
ISBN: 9781337119207
14th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
Question Posted:
Students also viewed these Accounting questions
-
Classify each of the following items as a public good, a private good, a mixed good, or a common resource. Georges Banks cod stock A courtside seat at the U.S. Open (tennis) A well-stocked buffet...
-
Classify each of the following items as a final good or service or an intermediate good or service and identify which is a component of consumption expenditure, investment, or government expenditure...
-
Classify each of the following items as a final good or service or an intermediate good or service and identify which is a component of consumption expenditure, investment, or government expenditure...
-
A mixture of 1 kmol carbon dioxide, 2 kmol carbon monoxide, and 2 kmol oxygen, at 25C, 150 kPa, is heated in a constant pressure steady state process to 3000 K. Assuming that only these same...
-
Anela is a computer scientist who is formulating a large and complicated program for a type of data processing. She has three ways of storing and retrieving data: cloud storage, disk, or hard drive....
-
AGZ is a listed entity. You are a member of the team drafting its financial statements for the year ended 31 August 2008. Extracts from the draft income statement, including comparative figures, are...
-
On April 1, Topeka Brake Mfg. purchased new production scheduling software for \(\$ 480,000\). On May 15 , a representative of a computerized manufacturing technology company demonstrated new...
-
B. S. International, Ltd. (BSI), makes costume jewelry. JMAM, LLC, is a wholesaler of costume jewelry. JMAM sent BSI a letter with the terms for orders, including the necessary procedure for...
-
Why could the inventory turnover ratio be relevant for a restaurant but not for a law firm whereas the accounts receivable turnover ratio may be relevant for a law firm but not a restaurant? a ....
-
T Pty Ltd is a manufacturer of tennis equipment and fashion wear. The statement of financial position as at 30 June 2020 and details of expenses and revenues for the year ending 30 June 2020 are as...
-
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) What is the normal balance of each account? (c) Is it customary for the balances of the two...
-
The following accounts were taken from the unadjusted trial balance of Washington Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry....
-
What is the fixed rate in a 5-quarter interest rate swap with the first settlement in quarter 2?
-
Through the use of a video vlog, video advocacy or video snippet create a 5-minute advocacy campaign about your ideal government with the theme "Good governance towards a good government". Use the...
-
Identify one of the main advantages and two behavioural implications of the use of the following transfer pricing methods: a. Full Cost Based Transfer Price b. Negotiation Based Transfer Price...
-
This is a self-reflection activity. Respond to each of the following questions. 1). Pick two types of cognitive distortions. Define them and explain how you have used them at some point in your life....
-
People can often get the same procedures done in other countries as in the U.S., but at a fraction of the cost. So, what's the difference? How is it so much cheaper in other countries? And, how does...
-
What numbers were used to get the break -even analysis and the incremental sales needed to cover costs? Also, do I have the correct amounts for incremental sales?
-
Regional Support for Same Sex Marriage The website http://www.pewresearch.org/ fact-tank/2014/10/15/gay - marriage - arrives - in -the - south-where-the-public-is-less-enthused shows the changing...
-
Cleaning Service Company's Trial Balance on December 31, 2020 is as follows: Account name Debit Credit Cash 700 Supplies Pre-paid insurance Pre-paid office rent Equipment Accumulated depreciation -...
-
Define COBIT. Describe the COBIT 5 principles that help organizations create optimal value from IT by maintaining a balance between realizing benefits and optimizing risk levels and resource use.
-
The financial statements at the end of Wolverine Realtys first month of operations are as follows: Instructions By analyzing the interrelationships among the four financial statements, determine the...
-
Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 in...
-
Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 in...
-
31. Internal rate of return is also: a. Yield b. Rate of return c. Discount rate that makes the NPV equal to zero d. All of the above
-
A mother Will make her son's first college tuition payment of 1 0 0 , 0 1 2 years from now how much will she need to invest today to meet her goal assuming an annual return of 1 0 %
-
State more intelligently: We kindly request that you provide us with a detailed report prior to our meeting of our income and expenditures for the year 2023. Recognizing the potential magnitude of...
Study smarter with the SolutionInn App