Match Each of the Following Accounts with Its Proper Account

question 60

Multiple Choice

Match each of the following accounts with its proper account group from the groups listed below.
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-Prepaid Insurance

• A)Assets
• B)Liabilities
• C)Owner's Equity
• D)Revenue
• E)Expenses

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Definitions:

Prepaid Expense

Expenses paid in advance for goods or services to be received in the future, recorded as an asset on the balance sheet until they are incurred.

Prepaid Insurance

The portion of insurance premiums that have been paid in advance and is recorded as an asset until utilized.

Insurance Expense

Costs incurred by a business or individual for insurance coverage, including health, property, and liability insurance.

Accrued Wages

Wages that have been earned by employees but have not yet been paid by the company.