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La'Shiya Bryant
on Nov 12, 2024

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Which of the following accounts would appear in the Income Statement columns of the end-of-period spreadsheet?

A) Cash
B) Prepaid Insurance
C) Unearned Revenue
D) Net Loss

Prepaid Insurance

An asset account that represents insurance payments made in advance for coverage extending over future periods.

Unearned Revenue

Funds paid to a company for products or services that are still to be provided or executed.

Income Statement

A financial statement that displays a company's revenues, expenses, and net income over a specific period, demonstrating the financial performance of the business.

  • Differentiate between accounts that appear on the Balance Sheet versus those on the Income Statement.
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satheesh kumarNov 13, 2024
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