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Account type and normal balance of prepaid expense?
asset, debit
The type of account and normal balance of Petty Cash is a?
Petty Cash is a current asset (it both has value and is liquidated in less than 12 months). Since Petty Cash is an asset, its normal balance is a debit, as asset accounts are debits.
What are 3 basic types of checking accounts?
The three basic types of checking accounts are standard checking accounts, which offer easy access to funds and typically come with a debit card; interest-bearing checking accounts, which pay interest on the balance but may have higher fees or minimum balance requirements; and student checking accounts, designed for young adults and students, often featuring lower fees and no minimum balance requirements. Each type caters to different financial needs and lifestyles.
What type of balance is the finished goods account have a debit or credit?
credit bal
What are personal accounts?
Basically there are three types of accounts they are: 1) Real Accounts 2) Nominal Accounts 3) Personal Accounts Let us understand the above in detail : 1) Real accounts - Assests or liabilties like Building, Land, Investments, Loans, Debentures, Equity etc are the real accounts. The Rule of this type of accounts is Debit what comes in and Credit what goes out. 2) Nominal Accounts - Incomes or Expenses like Rent, Stationery, Salary, Interest on Investments, Sales, purchases, Discount given or received etc are the Nominal Accounts. The Rule of this type of accounts is Debit the Expenses and Credit the Incomes. 3) Personal Accounts - Debtors or Creditors accounts are known as personal accounts. The Rule of this type of accounts is Debit the Receiver and Credit the Giver. I think this would suffice ur question... For futher more any query plz contact me on nikhilgokharu@yahoo.co.in
Accounts payable is considered a what on trial balance credit or debit?
An account payable is a liability and would be considered a credit. Remember liabilities maintain a credit balance. Even when listing on the Trial Balance, all liabilities (including accounts payable) will be shown as their actual type, hence account payable is a credit.
Account type and normal balance of prepaid expense?
asset, debit
The type of account and normal balance of Petty Cash is a?
Petty Cash is a current asset (it both has value and is liquidated in less than 12 months). Since Petty Cash is an asset, its normal balance is a debit, as asset accounts are debits.
What type of balance is the finished goods account have a debit or credit?
credit bal
What are personal accounts?
Basically there are three types of accounts they are: 1) Real Accounts 2) Nominal Accounts 3) Personal Accounts Let us understand the above in detail : 1) Real accounts - Assests or liabilties like Building, Land, Investments, Loans, Debentures, Equity etc are the real accounts. The Rule of this type of accounts is Debit what comes in and Credit what goes out. 2) Nominal Accounts - Incomes or Expenses like Rent, Stationery, Salary, Interest on Investments, Sales, purchases, Discount given or received etc are the Nominal Accounts. The Rule of this type of accounts is Debit the Expenses and Credit the Incomes. 3) Personal Accounts - Debtors or Creditors accounts are known as personal accounts. The Rule of this type of accounts is Debit the Receiver and Credit the Giver. I think this would suffice ur question... For futher more any query plz contact me on nikhilgokharu@yahoo.co.in
What type of account appear on a post closing trial balance?
The types of accounts that appear on the post-closing trial balance are the permanent accounts; Assets, Liability and Owner's capital. Permanent accounts is also called real accounts.
What are the 2 type of quickbooks account?
The 2 types of QuickBooks accounts are "Balance Sheet" accounts and "Income and Expense" accounts. Balance sheet accounts can be used to create and add to chart of accounts. Income and expense accounts track income sources and the purpose of each expense.
What account type is accounts payable?
Accounts payable is a liability account. When something is purchased on account it falls under this category such as purchasing $10,000 worth of office supplies on account. You would debit the office supplies account under assets and credit accounts payable under liabilities.
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???
Which type of account has a normal credit balance?
All liabilities as well as income accounts has normal credit balance and also profit has credit balance.
What options are available for Bank of America debit cards?
Bank of America offers only one type of debit card for all of their banking members with checking and/or saving accounts. Debit cards may be personalized with the user's choice of card image.
Allowance for doubtful accounts is what type of account?
Asset Contra account to Accounts Receivable (Contra-Asset). Normal balance is credit.
