question 9 (5 points)\nprepaid expenses are eventually expected to become\nexpenses when their future…

question 9 (5 points)\nprepaid expenses are eventually expected to become\nexpenses when their future economic value expires\nrevenues when services are performed\nexpenses in the period when they are paid\nrevenues when the liability is no longer owed\nquestion 10 (5 points)\nthe cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n)\nstockholders equity\nasset\ncontra asset\nliability

question 9 (5 points)\nprepaid expenses are eventually expected to become\nexpenses when their future economic value expires\nrevenues when services are performed\nexpenses in the period when they are paid\nrevenues when the liability is no longer owed\nquestion 10 (5 points)\nthe cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as a(n)\nstockholders equity\nasset\ncontra asset\nliability

Answer

Brief Explanations:

Prepaid expenses are assets initially as they represent future economic benefits. When their future economic value expires (i.e., the benefit is used up), they become expenses. Office supplies to be used in future periods have future economic value and are thus assets shown on the balance - sheet.

Answer:

Question 9: expenses when their future economic value expires Question 10: asset