=+Classify the following items as

(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.