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question #16 19 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange.


question #16 19 Identify whether the following transaction is an Asset Source, Asset Use, Asset Exchange or Claims Exchange.
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Answer #1

Paid cash in advance for one year rent is like cash payment made for service to be received in future. So it is Asset exchange as one asset being cash is is decreased and increase in another assets such as Prepaid Rent.

So answer is Assets exchange.

Asset source is - Increase in assets and increase in claim on assets

Asset use is - Decrease in assets and decrease in claim on assets

Claims exchange is - Increase one claims accounts and decrease another.

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