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Classifying Types of Adjustments Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expense: 1. A two-year
Classifying Types of Adjustments
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. | |
8. Utilities owed but not yet paid. |
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