Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Brock, Capital 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Brock, Withdrawals 5. Prepaid Insurance 10. Insurance Expense

Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Brock, Capital 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Brock, Withdrawals 5. Prepaid Insurance 10. Insurance Expense

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 2EA: Consider the following accounts, and determine if the account is an asset (A), a liability (L), or...

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Can you help me identifing each as an Asset (A), Liability (L), or Equity (E). Thank you

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Consider the following accounts and identify each as an asset (A), liability (L), or equity (E).
1. Rent Expense
6. Accounts Payable
2. Brock, Capital
7. Unearned Revenue
3. Furniture
8. Notes Receivable
4. Service Revenue
9. Brock, Withdrawals
5. Prepaid Insurance
10. Insurance Expense
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Assets means the resources which is owned by business. Liability means the amount which is to be paid to an outsider by business.

Equity means the amount that belongs to businessmen.

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