8. What type of account is "Prepaid Insurance"?⚫ a) Expense.⚫ b) Liability..c) Assetd) Revenue

This is because it represents insurance premiums that have been paid in advance for future periods.…

Answered: 8. What type of account is "Prepaid…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16MC: Which of these accounts is a liability? A. Accounts Receivable B. Supplies C. Salaries Expense D....

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Similar questions

Which of the following accounts is considered a permanent or real account?A. Interest RevenueB. Prepaid InsuranceC. Insurance ExpenseD. Supplies Expense
What type of account is “Accounts Receivable”?a) Assetb) Liabilityc) Equityd) Revenue
29 When a liability is paid, which account should be credited? A, Cash B.Accounts payable C. Expense D. Accounts receivable
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3
The practice of recording advance payments from customers as a liability is an example of applying the O Going concern assumption. O Monetary unit assumption. O Historical cost principle. Revenue recognition principle.
9. Interest payable is shown on the Oincome statement as an operating expense. Obalance sheet as a long-term liability. Obalance sheet as a current liability. balance sheet as a current asset.
Which of the following is not an example of an asset?   Group of answer choices Supplies. Accounts receivable. Prepaid Insurance. Deferred revenues.
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8. What type of account is "Prepaid Insurance"? ⚫ a) Expense . ⚫ b) Liability . . c) Asset d) Revenue