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11 October, 03:41

Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense: a. Cash received for use of land next month b. Fees earned but not received in cash c. Wages owed but not yet paid d. Supplies on hand

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  1. 11 October, 05:41
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    a. Unearned Revenue; b. Accrued Revenue; c. Accrued Expense; d. Prepaid Expense

    Explanation:

    Prepaid Expenses : Expenses paid before due

    Unearned Revenue : Revenue earned before due i. e Advance Income

    Accrued Revenue : Revenue earned i. e due, but not received

    Accrued Expense : Expense due but not paid i. e Outstanding Expense

    a. Cash received for use of land next month = Unearned Revenue or Advance Income

    b. Fees earned but not received in cash = Accrued Revenue / Accrued Income

    c. Wages owed but not yet paid = Accrued Expense / Outstanding Expense

    d. Supplies on Hand = Prepaid Expense
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