Question

identify each of the following accounts as either: unread rent.         A an owner's equity account prepaid...

identify each of the following accounts as either:

unread rent.         A an owner's equity account
prepaid insurance    B a liability account
fees earned               C an asset account
patents                       D a revenue account
drawing                      E an expense account

Business   Accounting   
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Answer #1
S.No Element Classification Explanation
1 Unearned Rent A Liability Account Unearned rent is amount collected in advance for service to be provided so it is a liability till revenue is earned
2 Prepaid Insurance A Asset Account Prepaid Insurance is amount paid in advance for expense. It is a asset till, till expense not matrialise
3 Fees Earned A Revenue Account Earning for current period is a revenue account
4 Patents A Asset Account Patent is a registered Intangible Asset
5 Drawing A Owner's Equity Account Drawing is a amount withdarwan by owner for own expenses It is not a expense and is a deduction to owner equity
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