I need help with these questions. I have my answers but I wanted to see if they are right
EX 3-1 Classifying types of adjustments
Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued
revenue, or (d) accrued expense.
1. A three-year premium paid on a fire insurance policy.
2. Fees earned but not yet received.
3. Fees received but not yet earned.
4. Salary owed but not yet paid.
5. Subscriptions received in advance by a magazine publisher.
6. Supplies on hand.
7. Taxes owed but payable in the following period.
8. Utilities owed but not yet paid.
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