Balances for each of the following accounts appear in an adjusted trial balance Identify each as (a) Asset, (b) Liability, (c) Revenue, or (d) Expense 1 Accounts Payable 2 Equipment 3 Fees Earned 4 Insurance Expense 5 Prepaid Advertising 6 Prepaid Insurance 7 Rent Revenue 8 Salary Expense 9 Salary ...

Balances for each of the following accounts appear in an adjusted trial balance. Identify each as (a)

Question:

Balances for each of the following accounts appear in an adjusted trial balance. Identify each as
(a) Asset,
(b) Liability,
(c) Revenue, or
(d) Expense.
1.
2. Equipment
3. Fees Earned
4. Insurance Expense
5. Prepaid Advertising
6. Prepaid Insurance
7. Rent Revenue
8. Salary Expense
9. Salary Payable
10. Supplies
11. Supplies Expense
12. Unearned Rent

Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...