Use the form in your working papers that is similar to the one below. For each item listed below, indicate by placing a check mark in the correct column whether the item is a prepaid expense, unearned revenue, an accrued expense, or accrued revenue. The first item has been completed as an example.

1. Rent received in advance for a two-year rental of a computer.

2. A two-year premium paid on a fire insurance policy.

3. Advance tuition collected by a university.

4. Interest on an interest-bearing note payable due next year.

5. Cash received for a three-year subscription to a magazine.

6. Fees due for the completed designs for three of five buildings.

7. Property taxes incurred for the last three months of the fiscal period.

8. Salaries owed but not yet paid.

9. Interest on an interest-bearing note receivable that matures in the next accounting period.

10. Office supplies purchased.

11. Cash received for season tickets for home football games.

Transcribed Image Text:

Prepaid Unearned Accrued Expense Item Expense Revenue 1. Accrued Revenue