the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. c. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year.
the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue. a. Fees received but not yet earned. b. Fees earned but not yet received. c. Paid premium on a one-year insurance policy. d. Property tax owed to be paid beginning of next year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Classify the following items as: (1) prepaid expense, (2) unearned revenue, (3) accrued expense, or (4) accrued revenue.
| a. Fees received but not yet earned. | |
| b. Fees earned but not yet received. | |
| c. Paid premium on a one-year insurance policy. | |
| d. Property tax owed to be paid beginning of next year. |
Indicate with a Yes or No whether or not each of the following accounts would, under normal circumstances, require an
| 1. Cash | |
| 2. Prepaid Expenses | |
| 3. |
|
| 4. Accounts Payable | |
| 5. |
Yes |
| 6. Equipment |
![**Chapter 3 Quiz: Adjusting Entries**
**Instructions:**
Indicate with a "Yes" or "No" whether each of the following accounts, under normal circumstances, would require an adjusting entry. Use the dropdown menus to select your answer.
1. **Cash**
- Dropdown: [ ]
2. **Prepaid Expenses**
- Dropdown: [ ]
3. **Depreciation Expense**
- Dropdown: [ ]
4. **Accounts Payable**
- Dropdown: [ ]
5. **Accumulated Depreciation**
- Selected: Yes
6. **Equipment**
- Dropdown: [ ]
**Navigation:**
- Progress: 3/5 items completed
- Previous and Next buttons for navigation through quiz sections
**Additional Options:**
- *Email Instructor* for questions or clarifications
- *Submit Test for Grading* once all items are completed
*Note: All work is automatically saved.*](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe318f576-1928-45a8-a24e-134ba82669e7%2Fae77371d-8c92-462a-80ad-9cec631d87d6%2Fdcuwnfi_processed.png&w=3840&q=75)
Transcribed Image Text:**Chapter 3 Quiz: Adjusting Entries**
**Instructions:**
Indicate with a "Yes" or "No" whether each of the following accounts, under normal circumstances, would require an adjusting entry. Use the dropdown menus to select your answer.
1. **Cash**
- Dropdown: [ ]
2. **Prepaid Expenses**
- Dropdown: [ ]
3. **Depreciation Expense**
- Dropdown: [ ]
4. **Accounts Payable**
- Dropdown: [ ]
5. **Accumulated Depreciation**
- Selected: Yes
6. **Equipment**
- Dropdown: [ ]
**Navigation:**
- Progress: 3/5 items completed
- Previous and Next buttons for navigation through quiz sections
**Additional Options:**
- *Email Instructor* for questions or clarifications
- *Submit Test for Grading* once all items are completed
*Note: All work is automatically saved.*
Transcribed Image Text:**Chapter 3 Quiz: Classification of Accounting Items**
In this quiz, you are required to classify the following items based on specific accounting categories. Your task is to identify whether each item should be classified as:
1. Prepaid expense
2. Unearned revenue
3. Accrued expense
4. Accrued revenue
**Items to Classify:**
a. **Fees received but not yet earned.**
b. **Fees earned but not yet received.**
c. **Paid premium on a one-year insurance policy.**
d. **Property tax owed to be paid beginning of next year.**
Each item has a dropdown menu next to it for selection.
**Navigation:**
- Use the "Previous" and "Next" buttons to move through the quiz items.
- The progress bar at the bottom indicates completion with "Progress: 4/5 items."
- You can save your work and return to it later, indicated as "All work saved."
**Submission:**
- After completing the quiz, you have the option to "Submit Test for Grading."
- If needed, reach out to your instructor via the "Email Instructor" feature for any questions or clarifications.
Engage with these practical examples to deepen your understanding of accounting classifications!
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