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.

Answer rating: 100% (QA)

1 A twoyear premium paid on a fire insurance policy Prepaid expense 2 Fees ear... View the full answer