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Classifying types of adjustments

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Question - Classifying types of adjustments

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.

Reference no: EM131802205

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