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Required information The following information applies to the questions displayed below.) Trotmans Variety Store is completi

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Question part Question starting Answer
a Wages earned by employees… Accrued expense
b Office supplies on hand… Accrued expense
c One-fourth of basement space… Accrued revenue
d The store used delivery… Accrued expense
e On 1 July of the… Deferred expense
f The remaining basement… Deferred revenue
g Tortman's variety store… Accrued revenue

Explanation:

Deferred revenue refers to income received in advance

Deferred expense refers to expense paid in advance.

Accrued revenue means income due but not yet received.

Accrued expense refers to expense due but not paid

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