Classify the following items as Expense, Income, Current assets, Current liabilities, Non-current assets, or Owner's equity: Insurance, Accrued expenses, Bank overdraft, Prepayment, Interest on fixed

Here is the classification of the items: Insurance: Expense Accrued expenses: Current liabilities Bank overdraft: Current liabilities Prepayment: Current assets Interest on fixed deposit: Income Computer equipment: Non-current assets Capital: Owner's equity Bad debts: Expense Shop fittings: Non-current assets Stationery: Expense Telephone: Expense Land and buildings: Non-current assets Revenue: Income

Classify the following items as Expense, Income, Current assets, Current liabilities, Non-current assets, or Owner's equity: Insurance, Accrued expenses, Bank overdraft, Prepayment, Interest on fixed

Here is the classification of the items: Insurance: Expense Accrued expenses: Current liabilities Bank overdraft: Current liabilities Prepayment: Current assets Interest on fixed deposit: Income Computer equipment: Non-current assets Capital: Owner's equity Bad debts: Expense Shop fittings: Non-current assets Stationery: Expense Telephone: Expense Land and buildings: Non-current assets Revenue: Income

Solved: Classify the following items as Expense, Income…

Here is the classification of the items:

Insurance: Expense
Accrued expenses: Current liabilities
Bank overdraft: Current liabilities
Prepayment: Current assets
Interest on fixed deposit: Income
Computer equipment: Non-current assets
Capital: Owner's equity
Bad debts: Expense
Shop fittings: Non-current assets
Stationery: Expense
Telephone: Expense
Land and buildings: Non-current assets
Revenue: Income

Classify the following items as Expense, Income, Current assets, Current liabilities, Non-current assets, or Owner's equity: Insurance, Accrued expenses, Bank overdraft, Prepayment, Interest on fixed

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