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A prepaid expense is an asset listed on the balance sheet.
true
Record it as an expense.
entering an expense amount in the balance sheet and statement of owner's equity debit column.
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
A prepaid expense is an asset listed on the balance sheet.
Payment of insurance expense affects the balance sheet as it reduces the cash or bank balance which is part of balance sheet as well.
Bad Debt Expense does not appear on the balance sheet. It is only on the income statement. Allowance for Uncollectible Accounts does appear on the balance sheet.
Electricity is not part of balance sheet rather it is an expense and it is shown in income statement of business as expense.
Tax is an expense, you do not record it in a balance sheet but on the general journal.
the sections of a balance sheet is the expense, revenues, and the sales.
true
An Interest Expense with a credit balance is reclassified as Interest Payable on the Balance Sheet.
When you pay back a loan or mortgage, part of each payment is interest, the rest is principal. For the interest part you would have Interest Expense, for the principal part something like Mortgage Expense.
Rent is not a balance sheet account, it is an expense, hence an income statement account.
An an Expense
Record it as an expense.