CHECKPOINT 1. Explain the accounting cycle. 2. Cay the following accounts as ether assets, abilities, or equity. (Prepaid Rent. 2) Rent Ex prej Uneared Rent (4) Rent Revenue (5) Buildings. (6) Owner Capital.m Wages Payable Wages Expense. Olice Supplies, and (10) Owner Withdrawals. What is the difference among the accounts Rent Earned, Rent Revenue and Earned Rent? Do Quick Study question OS 24 1. Explain the accounting cycle. 2. Classify the following accounts as either assets, liabilities, or equity (1) Prepaid Rent (2) Rent Ex. pense, (3) Unearned Rent (4) Rent Revenue (5) Buildings. (6) Owner Capital (7) Wages Payable. (8) Wages Expense, (9) Office Supplies, and (10) Owner Withdrawals 3. What is the difference among the accounts Rent Earned, Rent Revenue, and Earned Rent? Do Quick Study question: OS 2-1