Asked Nov 29, 2019
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.

Expert Answer

Classification of i...


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A.Cash received for use of land next month (2)Unearned revenue B.Fess earned but not received (3) Accrued revenue C.Rent expense owned but not yet paid (4) Accrued expense (1)Prepaid expense D.Supplies on hand


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