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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:

  • Payments made for products and services that never expire.

  • Classified as liabilities on the balance sheet.

  • Decreases in equity.

  • Assets that represent prepayments of future expenses.

  • Promises of payments by customers.

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