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

Question

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

Quizplus · Accepted Answer

The Answer is

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

Provide an Explanation for Each of the Follow Asset Accounts