Classify the Following as an Asset, Liability, Revenue, or Expense

question 74

Essay

Classify the following as an asset, liability, revenue, or expense.
(1)Unearned revenue
(2)Office equipment
(3)Wages payable
(4)Salary expense
(5)Dividends payable
(6)Art fees earned
(7)Prepaid rent
(8)Accounts receivable
(9)Income tax expense
(10)Office supplies

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Definitions:

Patent

An exclusive right granted for an invention, allowing the patent holder to exclude others from making, using, or selling the invention for a certain period.

Trademark

A sign, term, or expression officially recorded or recognized through usage, symbolizing a corporation or merchandise.

Copyright Act

Legislation that grants creators of original works exclusive rights to their use and distribution, usually for a limited time, with the aim of encouraging the creation of art and culture.

Public Domain

The category of works that are no longer copyrighted and may be used by anyone.