Indicate whether each of the following would be reported in the financial statements as a$($n$)($a$)$ current asset, $($b$)$

current liability, $($c$)$ revenue, or $($d$)$ expense:

$(1)$ Supplies

$(2)$ Unearned Fees

$(3)$ Prepaid Advertising

$(4)$ Advertising Expense

$(5)$ Supplies Expense

$(6)$ Prepaid Insurance

$(7)$ Accounts Payable

$(8)$ Fees Earned

List and describe the purpose of the four closing entries.

Match each journal entry that follows as one of the types of journal entires $($a$-$c$)$ below.

a$.$ Journal entries

b$.$ Adjusting journal entries

c$.$ Closing journal entries

Cash $450$

Fees Earned $450$

Income Summary $650$

ABC $,$ Capital $650$

Utilities Expense $430$

Cash $430$

Wages Expense $870$

Wages Payable $870$

Unearned Revenue $985$

Fees Earned $985$

Income Summary $597$

Rent Expense $200$

Supplies Expense $,180$

Utilities Expense $,110$

Miscellaneous Exp. $107$

RS$,$ Drawing $215$

Cash $215$

Accounts Receivable $325$

Fees Earned $,325$

$($Customer billed for services performed$)$