Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset). Use CAPITAL LETTERS. A two-year premium paid on a fire insurance policy Electric bill owed but not yet paid Office Supplies on hand Wages owed but not yet paid Telephone bill owed but payable in the following period Subscriptions collected in advance by a newspaper publisher Service Revenue collected but not yet earned Service Revenue already earned but not yet received Interest paid in advance from a bank loan Rent received in advance Services rendered but not yet collected Advertising contract paid in advance for one year Income collected but not yet earned Rent paid in advance Interest collected in advance by the creditor 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset). Use CAPITAL LETTERS. A two-year premium paid on a fire insurance policy Electric bill owed but not yet paid Office Supplies on hand Wages owed but not yet paid Telephone bill owed but payable in the following period Subscriptions collected in advance by a newspaper publisher Service Revenue collected but not yet earned Service Revenue already earned but not yet received Interest paid in advance from a bank loan Rent received in advance Services rendered but not yet collected Advertising contract paid in advance for one year Income collected but not yet earned Rent paid in advance Interest collected in advance by the creditor 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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