Which type of account should have in records

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Problem 1: Assume you prepay Fitness First for a package of eight physical training sessions. Which type of account should you have in your records?

A. Accrued revenue

B. Accrued expense

C. Prepaid expense

D. Unearned revenue

Problem 2: Unearned revenue is always:

A. owners' equity because you collected the cash in advance.

B. revenue.

C. a liability.

D. an asset.

Reference no: EM132746039

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