Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accruedrevenue, or (4) accrued expense:a. Cash received for services not yet rendered. b. Insurance paid for the next yearc. Interest revenue earned but not received.d. Salaries owed but not yet paid.

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter4: The Adjustment Process
Section: Chapter Questions
Problem 12MC: Salaries owed but not yet paid is an example of which of the following? A. accrued expense B....
icon
Related questions
Question
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued
revenue, or (4) accrued expense:
a. Cash received for services not yet rendered.
b. Insurance paid for the next year
c. Interest revenue earned but not received.
d. Salaries owed but not yet paid.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 1 images

Blurred answer
Knowledge Booster
Methods of accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,