Making insurance payments in advance is an example of: Select one: a. An accrued receivable transaction. b. A prepaid expense transaction. C. An unearned revenue transaction. d. An accrued liability transaction.

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: Accounts receivable is

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

Q: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

A: Insurance premium is an expense for the company

Q: Which of the following will be included in the adjusting entry to accrue interest * ?income or…

A: Accrue interest income is the interest earned but not received.

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

A: “As only one item is given in the question, it is assumed this particular answer is asked by the…

Q: Interest earned is a [A] personal account [B] real account [C] nominal account [D] Intangible real…

A: Real account: A real account is used to record material assets of a business. Nominal Account: A…

Q: The type of account and normal balance of prepaid insurance would be

A: An asset is a resource controlled by an entity from which future economic benefits flow to the…

Q: t is the required adjusting entry for accrued liabilities and for accrued receivables? What is the…

A: An accrued liability occurs when you gain a debt, or incur an expense that you have not paid. For…

Q: Adjusting entry for accrued expense includes a debit to Expense and a credit to Liability. (A) True…

A: Answer: Accrued expenses are expenses that are appearing as the expenses but it is still not paid to…

Q: Which of the following is an amount for products or services purchased on account? A)accounts…

A: Account payable is the account related to products or services purchased on account. Unearned…

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: The balance of Prepaid Insurance, representing the cost of insurance that remains paid in advance,…

A: Prepaid insurance is a part of current assets that should be recognised as current asset in the…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Prepaid insurance is the portion of an insurance premium that has been paid in advance and has not…

Q: Prepaid insurance is reported on the balance sheet as a a.long-term liability b.current asset…

A: The balance sheet is the financial statement and has two sides as assets and liabilities.

Q: For each item that follows, indicate whether a debit or a credit applies. increase in prepaid…

A: Prepaid insurance  Asset  Commissions earned  Revenue  Unearned revenue  Liability

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

A: Note Receivable means to receive the money in future against the note owed by any debtor of the…

Q: Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees…

A: In accounting, deferral means to defer or delay recognizing certain revenues or expenses…

Q: The adjusting entry that reduces the balance in Prepaid Insurance will also * ?include which of the…

A: Adjusting journal entry: At year-end when the company finalizes its accounts then any unrecognized…

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: Explain prepaid expenses in detail.

A: Adjusting entries are the journal entries to adjust the expense and revenue which are due but not…

Q: All of the following accounts are presented under liabilities, except: a.) Advances to Supplier b.)…

A: The liabilities are the amount due to be paid to the outsiders. The liabilities are recorded in the…

Q: A payment made by the insurance company would be documented where? a.The progress note b.The…

A: Insurance company makes payments to the insured and these payments are documented as below.

Q: Which of the following is a secured loan? A - All of these are secured loans B - accounts…

A: A secured loan is a loan that is secured against some collateral security; under this the lender can…

Q: Accounts payable is a Select one: A. current liability B. current asset C. long-term liability D.…

A: Accounts payable are short term obligation which should be paid to the vendors or suppliers for the…

Q: Which of the following statements is false? Multiple Choice O Prepaid insurance is a liability…

A: Current assets are those that provide future economic benefits and are realizable within a time…

Q: Short answer Which is more relevant to an investor; Accounts Receivable or Accounts Receivable, Net?…

A: Investors are an important class of stakeholders for every company. The contribute to the…

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

A: Assets are anything of significant worth that is possessed by people, organizations, and governments…

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

A: Prepaid rent is the advance rent paid for the future period.

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: Define accrued liabilities. What adjusting journal entry is required to record accrued liabilities?

A: The accrued liabilities means that the amount will be paid in the future period for the expenses…

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

A: Meaning of Assets Assets are the items which a company holds in the view that it provides some…

Q: Insurance premium paid in advance to insurance company is an example of: a. Outstanding expense b.…

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

Q: is prepaid reant an expense

A: Prepaid expense:Prepaid expense is the advance payment for future expenses is called as prepaid…

Q: IDENTIFICATION OF AN ASSETS, LIABILITY, EQUITY, INCOME, EXPENSES or WITHDRAWAL For each of the…

A: “Since you have asked multiple questions, we will solve the first ‘three’ questions for you. If you…

Q: How is the account Prepaid Insurance classified and on which financial statement should it be…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Prepaid Expense has the account type of Checking with a starting balance of

A: The Answer For the question

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: 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: Making a prepayment for insurance will have the effect of select one:  a) Increasing expenses and…

A: The correct option is  a) Increasing expenses and decreasing net profit

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…

Bookkeeping

Bookkeeping is the process of recording the financial transactions of a company on a regular basis. With the process of bookkeeping, companies can track important financial information that helps management in making crucial decisions.