PG. 12 Prepaid accounts (also called prepaid expenses) are generally: ...
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Accounting
PG. 12
Prepaid accounts (also called prepaid expenses) are generally:
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Payments made for products and services that never expire.
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Classified as liabilities on the balance sheet.
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Decreases in equity.
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Assets that represent prepayments of future expenses.
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Promises of payments by customers.
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