elect the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense
elect the correct account type(asset, liability, equity, revenue, expense) for the below accounts: Depreciation expense Answer 1Choose...RevenueAssetLiabilityEquityExpense Drawings Answer 2Choose...RevenueAssetLiabilityEquityExpense Prepaid Insurance Answer 3Choose...RevenueAssetLiabilityEquityExpense Unearned Service Revenue Answer 4RevenueAssetLiabilityEquityExpense
College Accounting (Book Only): A Career Approach
12th Edition
ISBN:9781305084087
Author:Cathy J. Scott
Publisher:Cathy J. Scott
Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements
Section: Chapter Questions
Problem 2E: List the classification of each of the following accounts as A (asset), L (liability), OE (owners...
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Question
Select the correct account type(asset, liability, equity, revenue, expense) for the below accounts:
|
Answer 1Choose...RevenueAssetLiabilityEquityExpense |
Drawings |
Answer 2Choose...RevenueAssetLiabilityEquityExpense |
Prepaid Insurance |
Answer 3Choose...RevenueAssetLiabilityEquityExpense |
Unearned Service Revenue |
Answer 4RevenueAssetLiabilityEquityExpense |
Expert Solution
Step 1
Depreciation :
Gradual decrease in the value of asset over its useful life period.
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