Classify the following items as
(a) Prepaid expense,
(b) Unearned revenue,
(c) Accrued revenue, or
(d) Accrued expense.
1. A three-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.