Classify the Following Items As: (1) Prepaid Expense, (2) Unearned

question 91

Essay

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 accrual

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Definitions:

Major in Business

An academic discipline that provides students with knowledge and skills in business theories, practices, and management.

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Republicans

A member of the Republican Party, one of the two major political parties in the United States, traditionally supporting conservative policies.