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9 December, 06:14

Which of the following is classified as an asset account? A. Notes PayableB. Owner, WithdrawalsC. Prepaid InsuranceD. Unearned Revenue

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  1. 9 December, 10:09
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    C. Prepaid Insurance

    Explanation:

    Prepaid Insurance is the insurance amount paid in advance, so that company has a receivable because amount is not due yet. It will charged to expense account with the passage of time. Notes Payable, Unearned Revenue, Owner Withdrawals are classified as liabilities and capital contra accounts. So correct option is C. Prepaid Insurance.
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