1. Accounts Payable a. asset b. liability c. revenue d. expense 2. Equipment a.

Question

1. Accounts Payable
a. asset
b. liability
c. revenue
d. expense

2. Equipment
a. asset
b. liability
c. revenue
d. expense

3. Fees Earned
a. asset
b. liability
c. revenue
d. expense

4. Insurance Expense
a. asset
b. liability
c. revenue
d. expense

5. Prepaid Advertising
a. asset
b. liability
c. revenue
d. expense

6. Prepaid Insurance
a. asset
b. liability
c. revenue
d. expense

7. Rent Revenue
a. asset
b. liability
c. revenue
d. expense

8. Salary Expense
a. asset
b. liability
c. revenue
d. expense

9. Salary Payable
a. asset
b. liability
c. revenue
d. expense

10.Supplies
a. asset
b. liability
c. revenue
d. expense

11.Supplies Expense
a. asset
b. liability
c. revenue
d. expense

12.Unearned Rent
a. asset
b. liability
c. revenue
d. expense

Explanation / Answer

1 (b) Liability 2 (a) Asset 3 (c) revenue 4 (d) expense 5 (a) asset 6 (a) asset 7 (c) revenue 8 (d) expense 9 (b) liability 10 (a) asset 11 (d) expense 12 (b) liability

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