00:01
Hello students, here is a question.
00:02
Which of the following account is considered as a prepaid expenses? utility expenses, wages expenses, supply accounts payable? so, let us start discussing this answer.
00:13
A prepaid expenses is an expenses that has been paid in advance but not yet been used or consumed.
00:21
So, unity expenses, utility expenses, this is an expenses that is incurred when using utilities such as electric, electric gas or water.
00:44
It is not paid expenses because it is typically paid after a service has been used.
00:50
And the next is wages expenses.
00:53
So, this is an expenses that incurred when paying employee for their work.
01:02
It is not a prepaid expenses because it is paid after the work has been completed...