Accountancy, asked by thaayu683, 5 months ago

Prepaid expenses are an asset of the firm. Do you agree?​

Answers

Answered by lahari60
1

Answer:

Recall that prepaid expenses are considered an asset because they provide future economic benefits to the company. The adjusting journal entry for a prepaid expense, however, does affect both a company's income statement and balance sheet.

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Answered by niharikagurjar2005
5

Answer:

Recall that prepaid expenses are considered an asset because they provide future economic benefits to the company. The adjusting journal entry for a prepaid expense, however, does affect both a company's income statement and balance sheet.

Hope this will help you

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