5. Match items 1-6 below with these classifications (a, b, c, and d): a. accrued

Question

5.         Match items 1-6 below with these classifications (a, b, c, and d):

a.

accrued asset

b.

unearned revenue

c.

accrued liability

d.

prepaid expense

?

Three months' interest on notes payable paid in advance

Subscription fees for six months received in advance

Services rendered but not yet billed at month-end

Interest payable accrued on an accounts payable, but not yet paid

Salaries payable owed but not yet paid

Two year's premium on building paid in advance

a.

accrued asset

b.

unearned revenue

c.

accrued liability

d.

prepaid expense

Explanation / Answer

1

Three months' interest on notes payable paid in advance

d. prepaid expense

2

Subscription fees for six months received in advance

b. unearned revenue

3

Services rendered but not yet billed at month-end

a. accrued asset

4

Interest payable accrued on an accounts payable, but not yet paid

c. accrued liability

5

Salaries payable owed but not yet paid

c. accrued liability

6

Two year's premium on building paid in advance

d. prepaid expense

1

Three months' interest on notes payable paid in advance

d. prepaid expense

2

Subscription fees for six months received in advance

b. unearned revenue

3

Services rendered but not yet billed at month-end

a. accrued asset

4

Interest payable accrued on an accounts payable, but not yet paid

c. accrued liability

5

Salaries payable owed but not yet paid

c. accrued liability

6

Two year's premium on building paid in advance

d. prepaid expense

Related Questions

Navigate

• Browse (All)
• Browse 5
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.