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Select each of the following accounts that are Liabilities: Check All That Apply Notes PayableNotes Payable...

Select each of the following accounts that are Liabilities:

Check All That Apply

  • Notes PayableNotes Payable

  • Unearned RevenueUnearned Revenue

  • Accounts ReceivableAccounts Receivable

  • Common StockCommon Stock

  • Prepaid InsurancePrepaid Insurance

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Answer #1

Accounts receivable is asset for cash would be collected in future from customers, Prepaid insurance is asset as cash is paid in advance for insurance expense. Thus, accounts receivable and prepaid insurance are not liabilities.

Common stock is the owner's equity that is amount of fund contributed by owner and is not liabilities.

Notes payable and unearned revenue are liabilities as there is future obligation in notes payable to make payment and in unearned revenue to undertake performance obligation for cash received in advance.

Thus, notes payable and unearned revenue are liabilities.

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