Which of the following accounts is a liability? Accounts Receivable Service Revenue Unearned Revenue Prepaid Rent Expense

Q: Allowance for uncollectible account falls under what classification in a balance sheet?  Current…

A: Allowance for uncollectible Accounts: This is a contra asset account to the Accounts Receivables…

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: What is the difference between account receivable and account payable ?

A: Diffecrence between the accounts receivable an accounts payable are as follows:

Q: Explain the difference between permanent accounts and temporary accounts. Why does an accounting…

A: Permanent accounts are the accounts which appear in the balance sheet of the entity and represent…

Q: Accounts receivable is

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

Q: Which of the following accounts has a balance whereby credits normally exceed debits? Rent Expense…

A: Assets and Liabilities - Assets are the resources of the organization and Liabilities are the…

Q: The accrued balance in a revenue account represents an amount which is:

A: Solution: The accrued balance in a revenue account represents an amount which is earned but not…

Q: Which among the following is considered as an expense? a. Accounts payable b. Rent expense c. Sales…

A: Expenses means the amount spent on running the business.

Q: What type of accounts are Interest * ?Receivable and Fees Receivable Equity Asset Liability O…

A: Revenue is the amount generated through the normal course business operation. It can be calculated…

Q: Which of the following accounts is a temporary account? Multiple Choice Accounts receivable.…

A: Temporary accounts are written off in the income statement and not visible in the balance sheet.…

Q: What is a prepaid expense and where is it reported in the financial statements?

A: Prepaid expense:   Prepaid expenses are any expenses that is paid before it becomes due. A prepaid…

Q: What is the adjusting entry for accrued revenues? O A. Debit: Assets; Credit: Revenues. O B. Debit:…

A: Adjusting entries are to be reported at the end of the period in order to adjust the events happened…

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: How are anticipated administrative expenses reported on a statement of financial affairs?a. As a…

A: The administrative expenses are incurred in the day-to-day operations of the company. These are…

Q: Consider the following accounts and identify each account as an asset (A), liability (L), or equity…

A: The assets accounts are those accounts which is going to provide benefit to the firm in future or…

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: Which of the following is an amount for products or services purchased on account? Oaccounts payable…

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

Q: What is the difference between accrued liabilities an unearned Revenue accounts?

A: Accrued Liabilities :— An expenses of a Business or an Organization incurred  during a specific…

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

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: How is the account Unearned Fees classified and what kind of balance should it have? Group of answer…

A: A current liability is an obligation for the company that has to be paid off within a year. It would…

Q: which is an example of prepaid expense? A. unearned fees B. supplies C. unearned subscriptions…

A: Prepaid expense:   Expenses of future period are paid in advance. These expenses are called prepaid…

Q: Which one of the following account groups normally has a credit balance? O A. assets and liabilities…

A: 1.Assets - It includes:- Current assets long term investments fixed assets intangible assets  other…

Q: e estimated amount of uncollectible accounts al Accounts to the proper amount?

A: Estimated amount of uncollectible = Accounts receivable * Percentage of uncollectible

Q: When an account is written off using the allowance method, account receivable is ?

A: The allowance method usually sets aside a reserve for bad debts that are to be incurred in the…

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

A: In financial accounting, The financial statements of balance sheet accounts are classified into…

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

A: Asset is a resource from which a entity expects  future economic benefits from its use. Liability is…

Q: Under which of the following categories would Accounts Receivable​ appear?     A. long−term assets…

A: Current assets: Current assets are all those assets that are expected to be sold or used as a result…

Q: Why are adjusting entries necessary under accrual-basis accounting?

A: The accrual basis of accounting states that expenses are matched with the related revenues . And are…

Q: Which of the following groups of accounts increase with credits? O a. Accounts Receivable, Prepaid…

A: In an accounting system, journals are made up of one or more debits and credits. To add or decrease…

Q: What type of account is accrued income

A: Accounting's goals include keeping a systematic record of all financial transactions in a book of…

Q: What is a Accrued account

A: Accrued accounting can be defined as an accounting method under which all the business transactions…

Q: Do adjusting entries affect income statement accounts, bal-ance sheet accounts, or both? Explain.

A:

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: 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: 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: amount should the account payable be adjusted

A: Purchases at net amount = Purchases - Purchase discount - Purchase returns.

Q: Which of the following is an example of a prepaid expense? a.Unearned Subscription Revenue…

A: Prepaid expense: Expenses of future period are paid in advance. These expenses are called prepaid…

Q: Why are revenue and expense accounts called temporary or nominal accounts?

A: Accounting: Accounting is a system, or a process of collecting and organizing economic transactions,…

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…

Q: Which of the following accounts is a liability? a. Accounts Receivable b. Service Revenue c.…

A: Liability refers to state of being liable or taking legal possession of something.

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

A: Owners’ equity: It is a owner's value and amount invested by an individual in the firm. It is…

Q: Allowance for Uncollectible Accounts is An Asset A Liabilitity An Expense A Contra-Asset

A: Uncollectible accounts are those accounts from whom it is estimated that amount will not be…

Q: What type of account is Unearned Revenue?

A: The question deals with what type of account is Unearned Revenue