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.
​
-Prepaid Insurance

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

---

Definitions:

Debits

Accounting entries that increase assets or expenses and decrease liabilities, equity, or revenue, recorded on the left side of accounting ledgers.

Credits

Accounting entries that increase liabilities or decrease assets, or record income in double-entry bookkeeping.

Journal Entry

A Journal Entry is a record in bookkeeping that logs the debit and credit parts of a financial transaction in accounting.