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7. In your own words, define the following terms, noting their differences. In addition, classify each account as A, L, SE, R, or E
7. In your own words, define the following terms, noting their differences. In addition, classify each account as A, L, SE, R, or E and state which financial statement(s) each account affects, directly and/or indirectly. (a) Interest revenue Interest receivable Cash interest received (b) Interest expense Interest payable Cash interest paid (c) Rental revenue Unearned rent revenue Rent receivable Cash received from tenant (d) Rent expense Prepaid rent expense Rent payable Cash paid for rent
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