Where do the following 2 accounts fall under (Asset, Liability, Owner's Equity, Revenue, Expense)
1) Prepaid rent
2) Office supplies
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Where do the following 2 accounts fall under (Asset, Liability, Owner's Equity, Revenue, Expense)
1) Prepaid rent
2) Office supplies
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 upcoming expenses).
2) Offiice Supplies is a little bit vague, but it would probably be an expense account.
Hope I could help.
Bye,
Murilo
They are both asset accounts.
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