Homework Answers
Prepaid expenses are future expenses that have been paid in advance. You can think of prepaid expenses as costs that have been paid but have not yet been used up or have not yet expired.
The amount of prepaid expenses that have not yet expired are reported on a company's balance sheet as an asset. As the amount expires, the asset is reduced and an expense is recorded for the amount of the reduction.
That the prepaid item will expire within one year and it has not yet become an expense is the correct answer.
OPTION D.
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5 through 8
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