Question

9. Classify the following into Assets, Capital, Expenses/Losses
and Revenue/Gains under Accounting Equation Method
a Fumiture Account - Asset bo/S Rent A/c
c. Bad debt Account
d. Interest Receivables A/C
e Rent received in advance
f. Prepaid salary Account
g Capital Account
h. Bills Payable Account
i Investment Account
j. Capital Account​

Answer 1

Answer:

Outstanding rent is the representative personal account because it represents the outstanding expenses to a person. Hence, it is classified as a personal account.