Question

Which of the following is an example of a liability account? a. Accounts receivable b. Prepaid...

Which of the following is an example of a liability account?

a.

Accounts receivable
b.

Prepaid insurance
c.

Drawings
d.

Unearned service revenue
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Homework Answers

Answer #1

Answer is Option D - Unearned Service Revenue.

Let us understand all the options.

(a) Accounts Receivable - Accounts Receivable implies the amount receivable from the customers of the entity. It is an asset account

(b) Prepaid Insurance - Insurance paid in advance by the entity. It is an asset.

(c) Drawings - Drawings refer to the capital withdrawn by the proprietor from the entity. It is receivable by the company and is an asset

(d) Unearned Service Revenue - Unearned service revenue refers to the amount received by the company in advance. It is a liability account.

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