Question

Determine, if the following are Assets, Liabilities, Capital, Revenue or Expenses. a) Furniture, b) Prepaid insurance, c) Outstanding Rent, d) Commission received in advance. e)Interest received, f) Salary paid to clerk.​

Answer 1

Answer:

a) Furniture-ASSET

b) Prepaid insurance-Asset

Explanation:

c) Outstanding Rent-liability

d) Commission received in advance-liability

e)Interest received-revenue

f) Salary paid to clerk-expense