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QUESTION 2 See the transactions for the Brandes Company described below. Determine if the account is an asset, liability, or owners' equity account: Brandes uses electricity during the month of April. The bill charging Brandes $550 for April electricity is received on May 5 and must be paid by May 26.The bill for April's electricity is a/an asset Brandes purchases a delivery truck which will be used to delivery products to customers. The delivery truck is a/an Asset Brandes borrows $10,000 from a local bank. They will have to pay the loan back in three years, and the repayment will include the original $10,000 plus interest. The amount that Brandes borrowed is a/an Liability Shortly after Brandes starts operating, it is running low on cash. Instead of paying cash to its employees, it gives them shares of ownership in the company. These shares are alan Owners Equity Brandes develops a machine that temporarily stops time (for up to fifteen minutes). They earn a patent for the machine, which means only they can profit from the invention for the next twenty years. The company's patent is alan Asset On December 22, 2019, Brandes spends $12,000 to purchase an insurance policy. The insurance policy covers January 1 through December 31, 2020. The insurance policy is a/an asset Brandes acquires inventory from a supplier on April 27, 2018, with a total cost of $1,400. The supplier agrees to let the company pay for the inventory in May, 2018. The bill that the supplier attaches to the inventory delivered on April 27 is alan asset

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