Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue.
a) fees received but not yet earned
b) fees earned but not yet received
c) paid premium on a one-year insurance policy
d) property tax owed to be paid beginning of next year

Question

Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue.​
a) fees received but not yet earned
b) fees earned but not yet received
c) paid premium on a one-year insurance policy
d) property tax owed to be paid beginning of next year

Quizplus · Accepted Answer

The Answer of Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue.​
a) fees received but not yet earned
b) fees earned but not yet received
c) paid premium on a one-year insurance policy
d) property tax owed to be paid beginning of next year

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