OBJ. 1, 2, 3 3-1 Classifying types of adjustments Classify the following items a

Question

OBJ. 1, 2, 3 3-1 Classifying types of adjustments Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy 5. Rent received in advance for rental of office space. 6. Supplies on hand. 7. Rent paid in advance 8. Wages owed but payable in the following period.

Explanation / Answer

Answers:

1. Accrued Expense,

2. Unearned Revenue,

3. Accrued Revenue,

4. Prepaid Expense,

5. Unearned Revenue,

6. Accrued Expense,

7. Prepaid Expense,

8. Accrued Expense.

Thanks.....

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