Chat with AI
Accounting 25th Edition by Carl Warren, James Reeve, Jonathan Duchac
Edition 25ISBN: 978-1285069609Accounting 25th Edition by Carl Warren, James Reeve, Jonathan Duchac
Edition 25ISBN: 978-1285069609 Exercise 1
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.
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.
Explanation
Verified
Verified
(1) Prepaid expense
(2) Accrue...
Accounting 25th Edition by Carl Warren, James Reeve, Jonathan Duchac
Why don’t you like this exercise?
Other Minimum 8 character and maximum 255 character
Character 255
