Acctg 1 - Adjusting Entry Quiz

Classify the item:

Fees received but not yet earned.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Unused office supplies.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Light and water bill owed but not yet paid.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Interest earned on note receivable but not yet received.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Unexpired insurance paid in advance .

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Fees earned but not yet billed and collected.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Salary owed but not yet paid.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Taxes owed but payable but payable the following year.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Subscriptions received in advance by a magazine publisher.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue

Classify the item:

Advertising paid during the year but applicable next year.

• Prepaid Expense

• Accrued Expense

• Unearned Revenue

• Accrued Revenue