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    Alshiema's Avatar
    Alshiema Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Sep 25, 2007, 09:49 AM
    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
    mschunke's Avatar
    mschunke Posts: 1, Reputation: 1
    New Member
    		  
    #2

    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 upcoming expenses).
    2) Offiice Supplies is a little bit vague, but it would probably be an expense account.
    Hope I could help.
    Bye,
    Murilo
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
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    #3

    Sep 25, 2007, 01:24 PM
    They are both asset accounts.
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