Clasiy the follewing ihems as 1 prepaid expense 7 une a Fees

Clasiy the follewing ihems as: (1) prepaid expense, (7) une a. Fees received but not yet earned b. Fees earmed but not yet recanived evenue, (3) accrued expense, or (4) accrued revene Paid premium on a one-year insurance pollcy d. Property tax owed to be paid beglinning of next year 05

Solution

Fees received but not yet earned                                --- Unearned revenue Fees earned but not yet received                                --- Accrued revenue Paid premium on one year insurance premium           ---- Prepaid expenses Property tax owed to be paid beginning of next year            ---- Accrued expenses Fees received but not yet earned                                --- Unearned revenue Fees earned but not yet received                                --- Accrued revenue Paid premium on one year insurance premium           ---- Prepaid expenses Property tax owed to be paid beginning of next year            ---- Accrued expenses