Type of adjustmentClassify the following items as (1) prepaid expense, (2) unearnedrevenue, (3) accrued revenue, or (4) accrued expense: A. Cash received for use of land next monthB. Fees earned but not receivedC. Rent expense owed but not yet paidD. Supplies on hand

Type of adjustmentClassify the following items as (1) prepaid expense, (2) unearnedrevenue, (3) accrued revenue, or (4) accrued expense: A. Cash received for use of land next monthB. Fees earned but not receivedC. Rent expense owed but not yet paidD. Supplies on hand

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Type of adjustment
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
C. Rent expense owed but not yet paid
D. Supplies on hand

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