EXERCISE 3-1
EX 3-1 Classifying types of adjustments
Classify the following items as (A) prepaid expense, (B) unearned revenue, (C) accrued revenue, or (D) accrued expense:
1. A two-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.
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