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Account type and normal balance of prepaid expense?
asset, debit
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.
Does prepaid insurance carry a credit or debit balance?
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.
What is normal balance of unexpired insurance?
The normal balance of unexpired insurance, which is classified as an asset on the balance sheet, is a debit balance. This reflects the prepaid portion of insurance premiums that have not yet been expensed. As the insurance coverage is consumed over time, the expense is recognized, reducing the asset balance accordingly.
What is the normal balance for prepaid rent?
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
Account type and normal balance of prepaid expense?
asset, debit
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.
Does prepaid insurance carry a credit or debit balance?
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.
What is the normal balance for prepaid rent?
Prepaid rent is a rent paid in advance so it is current asset and it will have debit balance as normal balance.
What is the normal balance of a withdrawal?
Drawings account has a normal balance as a reverse of owners equity account which is debit balance as a normal balance.
What is the normal account balance of Income Summary?
It has no normal balance.
What is the normal balance of drawing?
Drawings is a contra account. Debit is the normal balance of Drawing account.
The account type and normal balance of prepaid expenses?
1. asset, debit 2. expense, debit 3. revenue, credit 4. liability, credit which one of them???
What is the normal balance of a additional paid-in capital account?
Additional Paid-in Capital is a normal credit balance account.
What is the normal balance of the merchandise inventory account?
Merchandise Inventory is an asset account, so the normal balance is Debit.
What is the normal balance of a liabilty account?
A liability account normally has a credit balance.
What is the normal balance of a cash account?
Cash account normally has debit balance.
