Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset c.current liability d.fixed asset
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Prepaid insurance is reported on the
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- What type of account is prepaid insurance? A. Stockholders Equity B. Expense C. Liability D. AssetClassify the accounts as either an asset (A), liability (L), or equity (EQ) account. Prepaid InsuranceClassify each of the following accounts as an asset (A), liability (L), or equity (EQ) account. Prepaid Insurance
- Interest payable is shown on the? A)income statement B)balance sheet as a long term liability C)balance sheet as a current liability D)balance sheet as a current assetMaking insurance payments in advance is an example of: Select one: a. An accrued receivable transaction. b. A prepaid expense transaction. C. An unearned revenue transaction. d. An accrued liability transaction.Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________Land. __________ Prepaid Insurance.
- How is the account Prepaid Insurance classified and on which financial statement should it be recorded? Group of answer choices current asset, balance sheet current liability, balance sheet expense, income statement revenue, income statementOn 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.Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account: _________ Interest Payable. __________ Unearned Revenue.
- How are anticipated administrative expenses reported on a statement of financial affairs?a. As a footnote until actually incurred.b. As a liability with priority.c. As a partially secured liability.d. As an unsecured liability.The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance, should appear in the: a.Trial Balance Credit column. b.Income Statement Debit column. c.Adjusted Trial Balance Credit column. d.Balance Sheet Debit columnUnder which of the following categories would Accounts Receivable appear? A. long−term assets B. current assets C. long−term liabilities D. current liabilities