Which of the following accounts is an asset?
A) Jack Rossi, Capital
B) Notes Payable
C) Prepaid Rent
D) Supplies Expense

Question

Quizplus · Accepted Answer

Prepaid Rent is an asset because it represents a future economic benefit that has already been paid for by the company. Jack Rossi, Capital is a liability because it represents the owner's equity in the company. Notes Payable is a liability because it represents money that the company owes to others. Supplies Expense is a category of expenses and not an account.

Which of the Following Accounts Is an Asset