Question

need help answering question 2 & 3.

Need help filling table

Answer 1

1	Current :	Anything on company's balance-sheet can be classified under Current
		portion if it is settled within the next 12 months.
	Long term:	Assets or debts having tenure more than a year are classified under
		Long-term.
	Balancesheet Items:	Assets and liabilities are listed on balancesheet. If any item is not an
		asset or a liability then it does not belong to balance sheet Item.
	Asset or Liability:	An asset is a resource with economic value. In financial accounting, an
		asset is any resource owned by the business.
		In financial accounting, a liability is defined as the future sacrifices of economic
		benefits that the entity is obliged to make to other entities as a result of past business
		events
		Current	Long Term	Not on Balance sheet	Asset (A) or Liability (L)
	Equipment		X		Asset (A)
	Unearned service revenue	X			Liability (L)
	Service Revenue	X		X
	Prepaid Rent	X			Asset (A)
	Accumulated depreciation		X		Asset (A)
	Note Payable - due 7/1/2020	X			Liability (L)
	Loan Receivable - due 9/30/2025		X		Asset (A)
	Automobile		X		Asset (A)
	Accounts Payable	X			Liability (L)
	Depreciation expense	X		X
						Please submit 2 as another question.