Alshiema
Sep 25, 2007, 09:49 AM
Where do the following 2 accounts fall under (Asset, Liability, Owner's Equity, Revenue, Expense)
1) Prepaid rent
2) Office supplies
1) Prepaid rent
2) Office supplies
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Alshiema Sep 25, 2007, 09:49 AM Where do the following 2 accounts fall under (Asset, Liability, Owner's Equity, Revenue, Expense) 1) Prepaid rent 2) Office supplies mschunke Sep 25, 2007, 01:00 PM Hello Alshiema, About your question: 1) Prepaid rent is certainly an asset account (except if the rent is prepaid for more that one business year, in that case it would be classified as upcomming expenses). 2) Offiice Supplies is a little bit vague, but it would probably be an expense account. Hope I could help. Bye, Murilo CaptainForest Sep 25, 2007, 01:24 PM They are both asset accounts. Copyright ©2005-, Ask Me Help Desk
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