Classify the following items as

(a) prepaid expense,

(b) unearned revenue,

(c) accrued revenue, or

(d) accrued expense.

1. Fees earned but not yet received.

2. Taxes owed but payable in the following period.

3. Utilities owed but not yet paid.

4. Salary owed but not yet paid.

5. Supplies on hand.

6. Fees received but not yet earned.

7. A two-year premium paid on a fire insurance policy.

8. Subscriptions received in advance by a magazine publisher.

obj. 3