Answered: What type of accounts are Prepaid…

What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses? Asset Liability Equity Revenue Expense

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 21Q: What is a prepaid account? What type of account is it?

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Question

What type of accounts are Prepaid Insurance, Prepaid Advertising, and Prepaid Expenses?

Asset

Liability

Equity

Revenue

Expense

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