Classify the following items as, Accounting Basics

Assignment Help:

Classify the following items as
(a) deferred expense (prepaid expense),
(b) deferred revenue (unearned revenue),
(c) accrued expense (accrued liability), or
(d) accrued revenue (accrued asset).
116117
• 2. A three-year premium paid on a fire insurance policy.
• 3. Fees received but not yet earned.
• 4. Fees earned but not yet received.
• 5. Utilities owed but not yet paid.
• 6. Supplies on hand.
• 7. Salary owed but not yet paid.
• 8. Taxes owed but payable in the following period.


Related Discussions:- Classify the following items as

Investments by owners, Investments by owners are raise in equity of a parti...

Investments by owners are raise in equity of a particular business enterprise resulting from transfers to it from other entities of something valuable to gain or increase ownership

Accounting Transactions, Give me some problems in acoounting transactions s...

Give me some problems in acoounting transactions so I can answer it.

Different depreciation methods, Different Methods Of depreciation Dimini...

Different Methods Of depreciation Diminishing Value Method Straight Line Method Annuity Method Depletion Method Written Down value Method

Stocks, Please help journalize: -On January 1, 2017 Harmony issued 1,500 sh...

Please help journalize: -On January 1, 2017 Harmony issued 1,500 shares of $22 par, 8% preferred stock for $43,700. -On January 1, 2017 Harmony also issued 2,000 shares of common s

Survey of accounting issues, Required: Record the following transaction on...

Required: Record the following transaction on the spreadsheet, total each column a. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011. b. On Feb. 5 pu

What do you mean by bookkeeping, Q. What do you mean by bookkeeping? Ac...

Q. What do you mean by bookkeeping? Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a

Explain inventory turnover ratio, Q. Explain Inventory turnover ratio? ...

Q. Explain Inventory turnover ratio? An important ratio for managers, investors, and creditors to consider when analyzing a company's inventory is the inventory turnover ratio.

Trading and profit and loss account, state why carriage inwards is stated o...

state why carriage inwards is stated on the trading account

Dividends paid to owners, Q. Dividends paid to owners? Stockholders' eq...

Q. Dividends paid to owners? Stockholders' equity is (a) improved by capital contributed by stockholders and by revenues earned through operations and (b) decreased by expenses

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd