which of the following would not be a current asset
1. what is the normal balance for liability account?
2.what is the normal balance for stockholdersÃ¢â‚¬â„¢ equity and owner- equity accounts?
3. client jay pays ABC co. $1,000 in December for ABC to perform services for jay in 45 days. ABC uses the accrual basis of accounting. In December ABC will debit cash for $1000. What will be the other account involved in December accounting entry prepared by ABC (and what type of account is it)?
a) Accounts receivable (asset)
b) Prepaid services (asset )
c) Service revenues (revenue)
d) Unearned revenues(liability)
4. which of the following would not be a current asset?
a) Accounts receivable
c) Prepaid insurance
5. ABC Co. incurs cleanup expense of $500 on December 30. The supplier- invoice states that the $500 is due by January 10 and ABC will pay the invoice on January 9. ABC follows the accrual basis of accounting and its accounting years ends on December 31. What is the effect of the cleanup service on the December balance sheet of ABC?
a) Assets decreased
b) Liabilities increased
c) No effect on owner- equity
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