Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense.

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Chapter 3, Problem 1E

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Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense.

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For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once. To record receipt of unearned revenue. To record this period's earning of prior unearned revenue. To record payment of an accrued expense. To record receipt of an accrued revenue. To record an accrued expense. To record an accrued revenue. To record this period's use of a prepaid expense. To record payment of a prepaid expense. To record this period's depreciation expense.

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Which of the following types of adjusting entries would result in a decrease in the amount of a one-year insurance policy premium reported on the balance sheet? Select one: O a. Prepaid expense b. Accrued expense C. Accrued revenue d. Unearned revenue