Which type of account is "Prepaid Rent"? a) Asset 6) Liability c) Revenue d) Expense

What is the purpose of the Income Summary account? How does it relate to the revenue and expense accounts?

When does a company record the transfer of accounts receivable as a sale? As a secured borrowing (a liability)?

Which of the following items represents a deferral?A. Prepaid insuranceB. Wages payableC. Fees earnedD. Accumulated depreciation

Which of the following is an asset account? O A. Unearned Revenue O B. Notes Payable OC. Accounts Receivable O D. Wages Payable

Define Accrued Interest Payable.

Rent paid in advance can be categorized as a. Deferred expense (Prepaid expense) b. Accrued revenue c. Deferred revenue (Unearned revenue) d. Accrued expense

Allowance for uncollectible account falls under what classification in a balance sheet?  Current asset, current liability, etc

Subject - Acounting

is prepaid reant an expense