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At as the 31st March 2018, the balance of the interest received account showed an amount of $600. After reviewing a...


At as the 31st March 2018, the balance of the interest received account showed an amount of $600. After reviewing all source
At as the 31st March 2018, the balance of the interest received account showed an amount of $600. After reviewing all source documentation for the period an adjustment is required to amend the amount by $200 to reflect interest relating to 30th April 2018. This will be recorded as: Accrued Revenue Accrued Expense Prepaid Expense Prepaid Revenue 0/1 point Question 2 Prepaid expenses are classified as Financial Expenses Non Current Liabilities Current Liabilities Current Asset 7:40 PM
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ReportAnswer #1

1. Option D prepaid revenue

(It is also known as unearned revenue as it is interest received)

2. Option D current asset

Prepaid insurance, prepaid rent, etc. Are examples of prepaid expenses. They stated in balance sheet on asset side under the category of current assets.

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