This Question 1 pt 10f 5 0 complete Consider the folowving a

This Question: 1 pt 10f 5 (0 complete) Consider the folowving accounts and lidentify each account as an asset (A), liability (L), or equity (E) f. Taxes Payable a. Notes Receivable b. Nunez, Captial c. Prepaid Insurance d. Notes Payable e. Rent Revenue g. Rent Expense h. Furniture i. Nunez, Withdrawals i. Unearned Revenue Choose from any drop-down list and then continue to the next question docxA e to search PrtScn Home FS F6 F7

Solution

a Asset ,since the outcome will result in inflow to an organisation b Equity ,since its a capital invested by owner c Asset ,advance paid for expense not yet incurred is an asset till the expense become due d Liability ,outcome will result in net outflow (cash ) e equity ,since it will increase the capital balance of owner (earnings) f Liability , outcome will result in net outflow (cash ) g equity ,since it will decrease the capital balance (earnings) h Asset, use of furniture provides economic benefits i equity ,reduce capital balance j Liability ,advance received for revenue not earned is a liability till the advance revenue becomes actual revenue