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Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Brock, Capital 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Brock, Withdrawals 5. Prepaid Insurance 10. Insurance Expense

Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Brock, Capital 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Brock, Withdrawals 5. Prepaid Insurance 10. Insurance Expense

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Can you help me identifing each as an Asset (A), Liability (L), or Equity (E). Thank you
Try It! Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Brock, Capital 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Brock, Withdrawals 5. Prepaid Insurance 10. Insurance Expense Check your answers online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren.
Transcribed Image Text:Try It! Consider the following accounts and identify each as an asset (A), liability (L), or equity (E). 1. Rent Expense 6. Accounts Payable 2. Brock, Capital 7. Unearned Revenue 3. Furniture 8. Notes Receivable 4. Service Revenue 9. Brock, Withdrawals 5. Prepaid Insurance 10. Insurance Expense Check your answers online in MyAccountingLab or at http://www.pearsonhighered.com/Horngren.
Expert Solution
Step 1

Assets means the resources which is owned by business. Liability means the amount which is to be paid to an outsider by business.

Equity means the amount that belongs to businessmen.

 

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