Asked by
Tampson Tavares
on Oct 16, 2024Verified
Identify the account below that is classified as an asset account:
A) Unearned Revenue
B) Accounts Payable
C) Supplies
D) Retained Earnings
E) Service Revenue
Asset Account
An account on a company's balance sheet that represents a resource with economic value that is expected to provide future benefit.
Supplies
Items or materials used in the daily operations of a business.
Unearned Revenue
Money received by a business for goods or services yet to be delivered or performed, recorded as a liability on the balance sheet until earned.
- Distinguish the properties and grouping of distinct account categories (asset, liability, equity, revenue, and expense).
Verified Answer
HI
Learning Objectives
- Distinguish the properties and grouping of distinct account categories (asset, liability, equity, revenue, and expense).