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-   -   Financial statements and accounts (https://www.askmehelpdesk.com/showthread.php?t=133580)

  • Sep 25, 2007, 09:49 AM
    Alshiema
    Financial statements and accounts
    Where do the following 2 accounts fall under (Asset, Liability, Owner's Equity, Revenue, Expense)

    1) Prepaid rent
    2) Office supplies
  • Sep 25, 2007, 01:00 PM
    mschunke
    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
  • Sep 25, 2007, 01:24 PM
    CaptainForest
    They are both asset accounts.

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