Answer to Question #242806 in Accounting for cisco

Question

Indenify which type of adjustment is indicated by these transactions. Choose accrued revenue, accrued expense, deferred revenue, or deferred expense.

a. Rent paid in advance for use of property.

b. cash received in advance for future services

c. supplies inventory purchased

d. fees earned but not yet collected

Answer 1

A.Utilities owed but not paid - accrued expense

B.Cash received in advance for future services - deferred revenue

C.Supplies Inventory purchased - deferred expense

D.Fees earned but not yet collected - accrued revenue.