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Period End Procedures


Question 4 Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expense. Provide six or seven correct responses: A three-year premium paid on a fire insurance policy. Fees earned but not yet received. Fees received but not yet earned. Salary owed but not yet paid. Subscriptions received in advance by a magazine publisher. Supplies on hand at the end of an accounting period Taxes owed but payable in the following accounting period. Utilities owed but not yet paid.