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Indicate Whether Each of the Following Would Be Reported in the Financial

Question 196

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Indicate whether each of the following would be reported in the financial statements as a(n) current asset, current liability, revenue, or expense:

Premises:
Advertising Expense
Unearned Fees
Supplies Expense
Prepaid Advertising
Supplies
Accounts Payable
Prepaid Insurance
Fees Earned
Responses:
current asset
current liability
revenue
expense

Correct Answer:

Advertising Expense
Unearned Fees
Supplies Expense
Prepaid Advertising
Supplies
Accounts Payable
Prepaid Insurance
Fees Earned
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