Try to consider the following accounts and identify each as an asset (A), liability (L), or equity (E): 1. Rent Expense 2. Brock's Capital 3. Furniture 4. Accounts Payable 5. Unearned Revenue 6. Notes Receivable 7. Service Revenue 8. Brock's Withdrawals 9. Prepaid Insurance 10. Insurance Expense
Added by Crystal G.
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Rent Expense: This is an expense, not an asset, liability, or equity. However, in the context of the accounting equation, expenses reduce equity. So, it can be considered as Equity (E). Show more…
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