On a classified balance sheet, wages payable is classified as: a.a current liability. b.a long-term liability. c.a current asset. d.a revenue account. e.a general expense.

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

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Which element of the financial statements is the drawings account? A.Asset B.Expense C.Liability…

A: Drawings represents the withdrawals of owner from the business. It is not an expense for the…

Q: Which of the following is a nominal account? a. Retained earnings b. Accounts receivable c.…

A: Nominal account includes all of a company's income statement items and the balance of owner's…

Q: Unearned Revenue is classified as​ a(n) ________ account.         A. equity   B. revenue   C.…

A: Unearned revenue is money received by an individual or company for a service or product that has yet…

Q: A debit balance in the Retained Earnings accounts is reported as a (an) a. asset b.…

A: Retained Earnings refers to amount of Profit set aside by the company during the year. it is known…

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

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

Q: Interest payable is shown on the? A)income statement B)balance sheet as a long term liability…

A: Introduction: Income statement: All revenues and expenses are shown in income statement. It tells…

Q: The accrued balance in a revenue account represents an amount which is: A. earned and collected B.…

A: Revenues: Revenues are earnings from operations of a business. The operating activities are sale of…

Q: Which one of the following statement is TRUE? a. Cash is non-current asset b. Outstanding expenses…

A: Current assets are all those assets that are realizable to cash within one year such as accounts…

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: Which of the following is an asset account? O A. Unearned Revenue B. Notes Payable O C. Accounts…

A: Asset accounts means account related to resources of the business that it owns. It can be current…

Q: a) Please give a different example of accruals, and write a numeric example for it with accounting…

A: We’ll answer the first question since the exact one wasn’t specified. Please submit a new question…

Q: The net income or net loss reported on the income statement must be the same as the net income or…

A: A Worksheet is a multi-column spreadsheet that contains the ending balances of all general ledger…

Q: The accumulated depreciation account in the statement of financial position will be treated as a…

A: Depreciation means the loss in value of assets because of usage of assets , passage of time or…

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: The account type and normal balance of Prepaid Expense are a.revenue, credit b.liability, credit…

A: Prepaid expenses normally have a debit balance and considered assets.

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: Accrued expenses (accrued liabilities) are: C . expenses that have been reported on the income…

A: An accrued expense is an expenditure reported in the time in which the expense is incurred that is…

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

Q: 2) expense, (3) loss as used for financial reporting in conformity with GAAP. In your explanation,…

A: 1. Cost:  Cost is the amount that is given in consideration of goods that are either received or are…

Q: What kind of account is Unearned Revenue?a. Liability accountb. Asset accountc. Expense accountd.…

A: The correct option is option “a”. Unearned revenue is not classified as an asset, owners' equity,…

Q: Under accrual basis of accounting, revenue is recognized when ______________ and expenses are…

A: Accrual basis of Accounting recognises when transactions take place. Under accrual basis accounting…

Q: The resulting amount when total liabilities are subtracted from total assets is known as Select one:…

A: Owner's Equity is the sum of amount of capital invested by the shareholders in the business and the…

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

A: Rent Expense expense

Q: What type of account is Unearned Revenue?a. Assetb. Liabilityc. Revenued. Expense

A: Unearned revenue: Unearned revenue is also called as prepaid revenue.

Q: Unearned revenue is:     An asset.     Income.     A liability.     An expense.

A: Unearned revenue, as the name suggests, is an advance received from the customer for which the…

Q: It is referred to as: Distinguishing current and non-current items on the balance sheet and…

A: A little introduction and the significance of it all:

Q: Deferred expenses should be reported as O Expenses on the income statement O Income on the income…

A: Deferred expenses : It refers to the cost incurred but this is recorded as expenses on a future…

Q: Which of the following items represent a deferral ?                                      A. Prepaid…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses on the…

Q: Classify each of the following either as Asset, Liability, Equity, Revenue, or

A: The classification of items as Assets [ a property of any kind used for…

Q: Asset (A), Liability (L), or Equity (E)? a. Interest Revenue b. Accounts Payable C. Calhoun, Capital…

A: Assets means the resources which is owned by business. Liability means the amount which is to be…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: “Since you have asked multiple questions, we will solve the first ‘three’ questions for you. If you…

Q: Rent paid in advance can be categorized as a. Deferred expense (Prepaid expense) b. Accrued revenue…

A: Rent paid in advance is a prepaid expense which means this expense hasn't been accrued yet.

Q: Unearned rent revenue is reported on: OA Expenses section in the income statement O B. O OD.…

A: unearned rent revenue is the rent amount received during the year but the rental income is related…

Q: The Income Statement Debit column of the worksheet contains A. expense account balances B. asset…

A: Worksheet is a 10 column account or sheet which first shows unadjusted general ledger balances, then…

Q: Which of the following correctly describes how accounts payable will appear on the financial…

A: Accounts Payable: Accounts Payable are the short-term liabilities that an entity owes to its…

Q: The accounting concept that supports reporting revenues in the period in which they are earned is…

A: Explanation: 1. Revenue recognition concept: As per the revenue recognition concept, revenues are…

Q: The account type and normal balance of Fees earned is a. asset, debit b. expense, debit c. revenue,…

A: In accounting, there are three types of accounts:1. Personal account: This account represents the…

Q: Under the accrual basis of accounting, revenue is recorded O when earned and realizable O when…

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: The primary objective of expense recognition is toa. Provide full disclosure.b. Record expenses in…

A:

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: Recognition of Assets, Expense, Income, Liability, Income and withdrawal is given below,

Q: the unearned interest is credited in the adjusting entry, which of teh following will be affected?…

A: When Unearned Interest is credited, the following adjustment entry will be made: Account Titles…

Q: 1-The amount of asset cost assigned as an expense to a particular period is called: 2-  Insurance…

A: Ans. A business need to recognise its income and expenses. There are various items which fall in…

Q: If an asset account is credited, it indicates O An error. O An increase in the asset. O A decrease…

A: Increase in liabilities should be credited and decrease in liabilities should be debited.

Q: Which of the given series have the same normal balances in the Accounting Equitation? Select one:…

A: Normal balance is the side of the account where the balance of the account is found. An account can…

Q: Advanced collections from customers prior to the performance obligation being satisfied is accounted…

A: 1) Advanced collections from customers prior to the performance obligation being satisfied is…

Q: Allowance for doubtful accounts is an example of a. Asset account b. Expense account c. Contra asset…

A: solution:- Introduction:- Allowance for doubtful accounts means as follows under:- Allowance for…