0
What is the normal balance of an asset account according to GAAP?
Wiki User
∙ 15y ago
Debit.
For online help in the basics of bookkeeping, and for information about recording business transactions, see the Related Link.
Wiki User
∙ 15y ago
Wiki User
∙ 12y agoThe normal balance for an asset account would be a debit. The normal balance for a contra-asset account would be a credit.
Add your answer:
Earn +20 pts
Is a petty cash account an asset with a normal credit balance?
Petty Cash is an asset account with a normal Debit balance.
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
The normal balance for an asset account is?
debit balances
The type of account and normal balance of accumulated depreciation is?
contra asset account, credit balance
Does inventory account have a normal debit balance?
Inventory is an asset account. They normally have a debit balance.
Account type and normal balance of prepaid expense?
asset, debit
What is the normal balance for cash?
Cash is an asset account and like all assets accounts cash has a debit account as a normal account
Allowance for doubtful accounts is what type of account?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
Which type of account is prepaid expenses?
Prepaid expense is personal account in nature and default normal balance is debit balance and shown under current asset in asset side of balance sheet.
What kind of an account (asset liability etc.) is Allowance for Doubtful Accounts and is its normal balance a debit or a credit?
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
Is an accouts receivable account in accounting a debit or a credit balance account?
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
What is the type of account in normal balance of allowance for doubtful accounts?
contra asset, credit
