Classify the following items as:
a. accrued revenue (accrued asset)
b. deferre d revenue (une anned revenue)
c. accrued expense (accrued liability)
d. deferred expense (prepaid expense)
(1)Three months rent paid in actvance
(2)Rent al income for six months received in advance
(3)Jobs completed but not yet billed at month-end
(4)Interest payable accued on a note, but not yet paid
(5)Telephone bill owed but not yet paid
(6)A three-year premium paid on auto fleet insurance policy

Question

Classify the following items as:
 a. accrued revenue (accrued asset)
b. deferre d revenue (une anned revenue)
c. accrued expense (accrued liability)
d. deferred expense (prepaid expense)
 (1)Three months rent paid in actvance
(2)Rent al income for six months received in advance
(3)Jobs completed but not yet billed at month-end
(4)Interest payable accued on a note, but not yet paid
(5)Telephone bill owed but not yet paid
(6)A three-year premium paid on auto fleet insurance policy

Quizplus · Accepted Answer

The Answer of Classify the following items as:
 a. accrued revenue (accrued asset)
b. deferre d revenue (une anned revenue)
c. accrued expense (accrued liability)
d. deferred expense (prepaid expense)
 (1)Three months rent paid in actvance
(2)Rent al income for six months received in advance
(3)Jobs completed but not yet billed at month-end
(4)Interest payable accued on a note, but not yet paid
(5)Telephone bill owed but not yet paid
(6)A three-year premium paid on auto fleet insurance policy

Classify the Following Items As