Accruals and Deferrals
For the following situations, indicate whether each involves a deferred expense (DE), a deferred revenue (DR), an accrued liability (AL), or an accrued asset (AA).
Example: DE Office supplies purchased in advance of their use
1. Wages earned by employees but not yet paid
2. Cash collected from subscriptions in advance of publishing a magazine
3. Interest earned on a customer loan for which principal and interest have not yet been collected
4. One year's premium on life insurance policy paid in advance
5. Office building purchased for cash
6. Rent collected in advance from a tenant
7. State income taxes owed at the end of the year
8. Rent owed by a tenant but not yet collected