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Which of the accounts below would appear in the Balance Sheet columns of the work sheet?Group of answer choicesService RevenuePrepaid RentSupplies ExpenseNone are correct

Question

Which of the accounts below would appear in the Balance Sheet columns of the work sheet?Group of answer choicesService RevenuePrepaid RentSupplies ExpenseNone are correct

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Solution

Prepaid Rent would appear in the Balance Sheet columns of the work sheet. This is because Prepaid Rent is considered an asset, and all assets are reported on the balance sheet. Service Revenue and Supplies Expense, on the other hand, are income statement accounts, not balance sheet accounts.

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