Question
Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expenses. ( NOTE:Type in your answer after each
Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expenses. (NOTE:Type in your answer after each of the items)
Eg)Paint supplies purchased in advance- prepaid expense
1)Supplies on hand
2)Tuition collected in advance by a school
3)Interest earned but not received
4)Salary owed but not yet due
5)Taxes owed but payable in the following period
6)Receipts from the sale of meal tickets by a restaurant
7)Receipts from the sale of seasons tickets for a series of concerts
8)A three-year premium paid on a fire insurance policy
9)Property taxes paid in advance
10)Life insurance premiums received by an insurance company
11)Interest owed but not yet due
12)Portion of fee earned but not yet received
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