For the following situation, indicate whether each involved a deferred expense (

Question

For the following situation, indicate whether each involved a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA)............................. 1. Wages earned by employee but not yet paid.............. 2. Cash collected from subscription in advance of publishing a magazine. ................. 3. Interest earned on a customer loan for which principal and interest have not yet been collected................ 4. One years premium on life insurance policy paid in advance...................... 5. Office building purchased for cash......................... 6. Rent collected in advance from tenant. ................................ 7. State income taxes owed at the end of the year......................... 8. Rent owed by a tenant but not yet collected.....................

Explanation / Answer

1. DR 2. DE 3. AL 4. AA 5. DE 6. DR 7. AL 8. AA

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