How do you know what goes into the current assets and the current liabilities????
A current asset is a good thing but you only have it for a certain amount of time (i.e. Cash).
A current liability is a bad thing that you have to pay for (i.e. Bank overdraft).
Current asset - good thing
Current liability - bad thing
Where do expense prepaid and due , and gains prepaid and due go in balance sheet
Prepaid - current assets
Due - current liabilities
to learn where a gain due or expense prepaid goes just learn this formula!
Gains due-CA Expense due-CL
Gains prepaid-CL Expense prepaid -CA
it isn't always prepaid goes into current assets. prepaid subs go into current liabilities.
Yes I just noticed that thanks.