Question

Classify the following items as (a) deferred expense (prepaid expense), (b) deferred revenue (unearned revenue), (c) accrued expense (accrued liability), or (d) accrued revenue (accrued asset).
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• 2. A three-year premium paid on a fire insurance policy.
• 3. Fees received but not yet earned.
• 4. Fees earned but not yet received.
• 5. Utilities owed but not yet paid.
• 6. Supplies on hand.
• 7. Salary owed but not yet paid.
• 8. Taxes owed but payable in the following period.