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Classify the Following Items As: (1) Prepaid Expense, (2) Unearned

Question 125

Matching

Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue.

Premises:
unearned revenue
prepaid expense
accrued revenue.
accrued expense
Responses:
Paid premium on a one-year insurance policy.
Property tax accrual.
Fees received but not yet earned.
Fees earned but not yet received.

Correct Answer:

unearned revenue
prepaid expense
accrued revenue.
accrued expense
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