Answer:
Asset is what a business owns anv control and its use generate future economic benefits.
Liability is a present obligation of an entity arising from past events, the settlement which will lead to an outflow of economic benefits.
Equity is the residual interest in an entity after its liabilities have been deducted from assets.
Revenue is income arising from the ordinary activities of a business
Expense arises in the morning course of activities
a. Advertising Expense - expense
b. Rent Revenue - revenue
c. Rent Receivable - asset
d. Patents - asset
e. Rent Payable - liability
f. Furniture - asset
g. Notes Payable - liability
h. Owner, Capital- equity
i. Utilities Expense - expense
Explanation:
a. Advertising Expense - expense
b. Rent Revenue - revenue
c. Rent Receivable - asset
d. Patents - asset
e. Rent Payable - liability
f. Furniture - asset
g. Notes Payable - liability
h. Owner, Capital- equity
i. Utilities Expense - expense
