Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.
a. Cash received for use of land next month
b. Fees earned but not received
c. Rent expense owed but not yet paid
d. Supplies on hand
Answer:
a. Unearned revenue
b. Accrued revenue
c. Accrued expense
d. Prepaid expense