Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid Insurance

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Land

A: Asset represents resource of the business. Liability represents obligation of the business to the…

Q: Which of the following accounts is considered a permanent or real account?A. Interest RevenueB.…

A: Financial Statements: Financial statements are an assortment of outline-level reports about an…

Q: Accounts receivable is

A: Account  Receivable is classified as an  Correct answer :- A.  An Assets

Q: The type of account and normal balance of prepaid insurance would be

A: An asset is a resource controlled by an entity from which future economic benefits flow to the…

Q: Match the account type (Asset, Liability, Equity, Revenues Expenses) with the account name.…

A: Asset - generally asset is a resource that fetches cash inflow into the organization. it is not…

Q: Indicate the financial statement on which each of the following items appears. income…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Making insurance payments in advance is an example of: Select one: a. An accrued receivable…

A: Introduction: Balance sheet: All Assets and liabilities are shown in Balance sheet. It tells the…

Q: Accounts that normally have a credit balance are… lag stion © A. Expenses, capital & liabilities B.…

A: The normal balance is the balance side that increases the value of an item. And the opposite side of…

Q: The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance,…

A: Prepaid insurance is a part of current assets that should be recognised as current asset in the…

Q: Label each of the following accounts as asset (A), liability (L), owner’sequity (OE), revenue (R),…

A: Assets are the resources that are employed by the business for the end goal of maximizing the…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not…

Q: Which of the following accounts is a non-current asset account?

A: Non-current assets:   Non-current assets are assets that can be held for a longer period of time…

Q: The account type and normal balance of Prepaid Expense are

A: All expenses, losses, and assets should be debited and all income, gain, and liabilities should be…

Q: Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset…

A: The balance sheet is the financial statement and has two sides as assets and liabilities.

Q: Consider the following accounts and identify each account as an Asset(A), Liability(L), or…

A: Assets accounts are those accounts that are related to resources of the organisation. Liability…

Q: Classify the accounts as either an asset (A), liability (L), or equity (EQ) account. Equipment

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: The adjusting entry that reduces the balance in Prepaid Insurance will also * ?include which of the…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

Q: A payment made by the insurance company would be documented where? a.The progress note b.The…

A: Insurance company makes payments to the insured and these payments are documented as below.

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Classify each of the following items as an Asset (A), Liability (L), or part of Owner’s Equity (OE).…

A: Asset: In Financial terms, assets are anything that is held by a business that results in some…

Q: Which of these accounts can be found in the post-clo: O Assets and liabilities O Assets,…

A: Post-closing trial balance show the all debit and credit balance of assets and liabilities and…

Q: Which of the following describes the classification and normal balance of the unearned fees account?…

A: UNEARNED FEES :  IT IS A UNEARNED REVENUE ( CASH RECEIVED IN ADVANCE FOR PROVIDING GOODS AND…

Q: Identify the following accounts of Advanced Services Co. as asset, liability, owner’s equity,…

A: Assets are the resources of a company which provides future cash flows and having an economic value.…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Balance sheet: Balance Sheet is one of the financial statements that summarize the assets, the…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: We have to classify given account as an asset (A), liability (L), or equity (EQ) account.

Q: Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts. Prepaid…

A: All assets, expenses accounts normally have debit balance, all liabiliies, revenue, capital accounts…

Q: Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.…

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

Q: An account is a record of increases and in a specific asset, liability, equity, revenue or expense.

A: The question is vague as the statement is first incomplete and second, the question is not…

Q: Classify each of the following items as revenues (R), expenses (EX), or withdrawals (W). Insurance…

A: Financial Accounting:   It refers to the process of recording the financial transactions of the…

Q: Define accrued liabilities. What adjusting journal entry is required to record accrued liabilities?

A: The accrued liabilities means that the amount will be paid in the future period for the expenses…

Q: Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ)…

A: Meaning of Assets Assets are the items which a company holds in the view that it provides some…

Q: Instruction: Prepare a Financial Transaction Worksheet. If the Owner's Equity is affected, indicate…

A: Solution Concept Accounting equation is given as Asset     = liabilities + equity If we further…

Q: Classify the following into assets and liabilities a) Building b) Мachincry c) Creditor di Debtor e)…

A: Assets are the items that will provide economic benefit to the business in the future, while…

Q: Choose the correct. How are anticipated administrative expenses reported on a statement of financial…

A: Statement of financial affairs:   Statement of financial affairs refers to a statement of assets and…

Q: Accounts receivable can be classified as _____ a. A Expense. b. A Liability. c. A Capital d. An…

A: The correct answer is  d. An asset

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: What is the proper classification of Prepaid Expense account? a.) Current Asset b.) Current…

A: The correct option with proper explanation are as follows. The expenses which is paid in advance is…

Q: Advances from customers are classified as a(n) a. b. C. d. Select one: a. current asset. b. current…

A: Advance is the money which is given by one party (customer) in advance to the other party (other…

Q: explain the impact on the balance sheet and income statement, specifying which accounts are affected…

A: The income statement is part of the financial statement that indicates the profitability of the…

Q: What is service fees listed as: equity, revenue, expense, account or a liability?

A: The income statement of a  company indicates the profitability or say the earnings during an…

Q: The type of account with a normal credit balance is: Group of answer choices an asset drawing a…

A:

Q: Provide the names of two (a) asset accounts, (b) liability accounts, and (c) equity accounts.

A: Assets, liabilities, and equities are the three sections of the balance sheet.

Q: Prepaid insurance is reported on the balance sheet as a?

A: If insurance permium is paid in adavance in current accounting period. Generally, it is divided in…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.