Question

2. Provide a definition for the following terms:

Answer 1

Answer:

The definitions are stated below:

Explanation:

1. Accounts receivable is the balance amount of money which is due or owed to a firm for the services or goods or services that is delivered or used but for that the money is not yet paid for by the client or customers.

2. Supplies is defined as the items which are a component of a finished item which the company mark up and sell to customers.

3. Prepaid rent is the amount of rent paid before or prior to the rental period to which it relates and the tenant will record it in the balance sheet for the amount of rent paid that is not used.

4. Furniture is the term which is defined as the objects that is movable and it supports the activities of human like as seating, sleeping and eating.

5. Accumulated depreciation is the aggregate or total amount of the asset whose cost or expense has been allocated to the depreciation expense account.

6. Accounts Payable is the term which is described as when the company bought goods on credit, which is needed to be paid back in future.

7. Unearned service revenue is the amount or the money which is received by an individual or the company for the product or service that is not delivered yet or to be delivered.

8. Service revenue is the revenue which is generated from sales and reported by the business. It is related to the services provided to the customers.

9. Rent expense is a kind of expense, which lists the cost or the expense of the occupying property which is a rental during a reporting year.