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Description: Not yet answererMarked out of 1Question 18Which of the following accounts is an asset?Select one:a. Service revenueb. Prepaid expensesC. Accounts payabled. Salary expenseERET CHOEENEXT>PREVIOUS206 AM

Business

Accounting

Which of the following accounts is an asset? Select one: a Service revenue b. Prepaid expenses C. Accounts payabie d. Salary expense

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter6: Cash And Receivables

Section: Chapter Questions

Problem 13GI

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Harrigan Service Company, Inc., was incorporated by lan Harrigan and five other managers. The following activities occurred during the year: 1. Received $71,400 cash from the managers; each was issued 1,190 shares. 2. Purchased equipment for use in the business at a cost of $50,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). 3. Signed an agreement with a cleaning service to pay it $690 per week for cleaning the corporate offices, beginning next week. 4. Ian Harrigan borrowed $19,500 for personal use from a local bank, signing a one-year note.