Question: Classifying types of adjustments Classify the following items as ( a ) accrued revenue, ( b ) accrued expense, ( c ) unearned revenue, or
Classifying types of adjustments
Classify the following items as a accrued revenue, b accrued expense, c unearned revenue, or d prepaid expense:
Line Item DescriptionClassificationA twoyear premium paid on insurance policy.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Fees earned but not yet received.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Fees received but not yet earned.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Salary owed but not yet paid.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Subscriptions received in advance by a magazine publisher.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Supplies on hand.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Taxes owed but payable in the following period.
Accrued revenueAccrued expensePrepaid expenseUnearned revenue
Utilities owed but not yet paid.
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