Ron Carroll operates a small company that books enter­tainers for theaters, parties, conventions, and so forth Custom Essay

Ron Carroll operates a small company that books enter­tainers for theaters, parties, conventions, and so forth. The company’s fiscal year ends on June 30.
Consider the following items and classify each as either (1) pre­paid expense,(2) unearned revenue, (3) accrued expense, (4) accrued revenue, or (5) none of the foregoing.

a. Amounts paid on June 30 for a
1-year insurance policy.

b. Professional fees earned but not
billed as of June 30.

c. Repairs to the firm’s copy
machine, incurred and paid in June.

d. An advance payment from a client
for a performance next month at a convention.

e. The payment in part (d) from the
client’s point of view.

f. Interest owed on the company’s
bank loan, to be paid in early July.

g. The bank loan payable in part
(f).

h. Office supplies on hand at
year-end.