Provide an explanation for each of the follow asset accounts.
$$\begin{array} { | l | l | }
\hline \text { Account Name } & \text { Explanation } \
\hline \text { Accounts Receivable } & \
\
\
\hline \text { Prepaid Expense } & \
\
\
\hline \text { Notes Receivable } & \
& \
\
\
\hline
\end{array}$$

Question

Provide an explanation for each of the follow asset accounts.
 $$\begin{array} { | l | l | } 
\hline \text { Account Name } & \text { Explanation } \
\hline \text { Accounts Receivable } & \
\
\
\hline \text { Prepaid Expense } & \
\
\
\hline \text { Notes Receivable } & \
& \
\
\
\hline
\end{array}$$

Quizplus · Accepted Answer

The Answer is

\begin{array}{|c|c|}\hline ext { Account Name } & ext { Explanation } \\hline ext { Accounts Receivable } & \begin{array}{l} ext { A customer's promise to pay in the future } \ ext { for services or goods sold. Often } \ ext { described as "On Account." }\end{array} \\hline ext { Prepaid Expense}& \begin{array}{l} ext { A payment of an expense in advance. It is } \ ext { considered an asset because the } \ ext { prepayment provides a benefit in the } \ ext { future. }\end{array} \\hline ext { Notes Receivable } & \begin{array}{l} ext { A written promise that a customer will } \ ext { pay a fixed amount of money and interest } \ ext { by a certain date in the future. Often } \ ext { more formal than an Accounts Receivable. }\end{array} \\hline \end{array}

Provide an Explanation for Each of the Follow Asset Accounts