EX 3-1: Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Rent paid in advance. 7. Wages owed but payable in the following period.
EX 3-1: Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or (d) prepaid expense: 1. Bill for ads that appeared in prior month's local newspaper. 2. Fees received but not yet earned. 3. Fees earned but not yet received. 4. Premium paid on a one-year insurance policy. 5. Rent received in advance for rental of office space. 6. Rent paid in advance. 7. Wages owed but payable in the following period.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![EX 3-1:
Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or
(d) prepaid expense:
1. Bill for ads that appeared in prior month's local newspaper.
2. Fees received but not yet earned.
3. Fees earned but not yet received.
4. Premium paid on a one-year insurance policy.
5. Rent received in advance for rental of office space.
6. Rent paid in advance.
7. Wages owed but payable in the following period.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F04685fa9-ebb7-4861-b484-e14436719c29%2F2d42e89d-c03a-43fb-9d47-a88c724ea738%2Fuqjtfr_processed.png&w=3840&q=75)
Transcribed Image Text:EX 3-1:
Classify the following items as (a) accrued revenue, (b) accrued expense, (c) unearned revenue, or
(d) prepaid expense:
1. Bill for ads that appeared in prior month's local newspaper.
2. Fees received but not yet earned.
3. Fees earned but not yet received.
4. Premium paid on a one-year insurance policy.
5. Rent received in advance for rental of office space.
6. Rent paid in advance.
7. Wages owed but payable in the following period.
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