Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued
Question:
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.
a. Cash received for services not yet rendered
b. Insurance paid
c. Rent revenue earned but not received
d. Salaries owed but not yet paid
Step by Step Answer:
a Unearned rev...View the full answer
Financial and Managerial Accounting Using Excel for Success
ISBN: 978-1111993979
1st edition
Authors: James Reeve, Carl S. Warren, Jonathan Duchac
Related Video
Unearned revenue is money received by an individual or company for a service or product that has yet to be provided or delivered. It can be thought of as a \"prepayment\" for goods or services that a person or company is expected to supply to the purchaser at a later date. As a result of this prepayment, the seller has a liability equal to the revenue earned until the good or service is delivered. This liability is noted under current liabilities, as it is expected to be settled within a year.
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