Debit.
asset, debit
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.
Prepaid insurance is amount paid in advance that's why it is an asset of business and like all other assets accounts it also has debit balance as normal balance.
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
Drawings account has a normal balance as a reverse of owners equity account which is debit balance as a normal balance.
asset, debit
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.
Prepaid insurance is amount paid in advance that's why it is an asset of business and like all other assets accounts it also has debit balance as normal balance.
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
Drawings account has a normal balance as a reverse of owners equity account which is debit balance as a normal balance.
It has no normal balance.
Drawings is a contra account. Debit is the normal balance of Drawing account.
1. asset, debit 2. expense, debit 3. revenue, credit 4. liability, credit which one of them???
Additional Paid-in Capital is a normal credit balance account.
Merchandise Inventory is an asset account, so the normal balance is Debit.
Cash account normally has debit balance.
A liability account normally has a credit balance.