Homework Sourse5 Match items 16 below with these classifications a b c and
5. Match items 1-6 below with these classifications (a, b, c, and d):
a.
accrued asset
b.
unearned revenue
c.
accrued liability
d.
prepaid expense
?
Three months\' interest on notes payable paid in advance
Subscription fees for six months received in advance
Services rendered but not yet billed at month-end
Interest payable accrued on an accounts payable, but not yet paid
Salaries payable owed but not yet paid
Two year\'s premium on building paid in advance
| a. | accrued asset |
| b. | unearned revenue |
| c. | accrued liability |
| d. | prepaid expense |
Solution
1
Three months\' interest on notes payable paid in advance
d. prepaid expense
2
Subscription fees for six months received in advance
b. unearned revenue
3
Services rendered but not yet billed at month-end
a. accrued asset
4
Interest payable accrued on an accounts payable, but not yet paid
c. accrued liability
5
Salaries payable owed but not yet paid
c. accrued liability
6
Two year\'s premium on building paid in advance
d. prepaid expense
| 1 | Three months\' interest on notes payable paid in advance | d. prepaid expense |
| 2 | Subscription fees for six months received in advance | b. unearned revenue |
| 3 | Services rendered but not yet billed at month-end | a. accrued asset |
| 4 | Interest payable accrued on an accounts payable, but not yet paid | c. accrued liability |
| 5 | Salaries payable owed but not yet paid | c. accrued liability |
| 6 | Two year\'s premium on building paid in advance | d. prepaid expense |
