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The Liablilities, the revenue, the accumulated depreciation, the Owner's equity.

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16y ago

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A balance of a prepaid expence account is normally DEBIT OR CREdit?

Prepaid Expenses would normally have a debit balance.


What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?

Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.


Which account would be closed by posting a debit to the account?

The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.


Which normally has a credit balance - accounts receivable or notes payable?

Notes Payable is a liability, so it would normally have a credit balance. Accounts Receivable is an asset which would normally have a debit balance.


Would equipment normally have a credit balance?

No, but it would have a value.


Does sales have a normal debit balance?

No, Sales would normally have a credit balance.


What does it mean if an account has an exceptional balance?

From the grade 11 text book, occassionally an account that would normally have a debit balance, ends up having a credit balance or vise versa not because of a mistake. There is a reason the account ends up with opposit of the normal, for example, if you over pay an account payable, or a customer returns unsatisfactory merchandise for credit.


Expenses are to be debit or credit?

An Expense would normally have a debit balance.


Is bonds payable normally debit or credit?

Bonds Payable would be a liability and therefore normally maintain a credit balance.


Does prepaid insurance normally have a credit balance?

No, prepaid insurance typically does not have a credit balance. Instead, it usually appears as an asset on the balance sheet with a debit balance, reflecting the amount paid in advance for insurance coverage. As time passes and the coverage is used, the prepaid insurance is expensed, reducing the asset balance. A credit balance in this account would indicate an overpayment or error.


Does interest revenue have a normal debit balance?

No, Interest Revenue is income and would normally have a credit balance.


What accounts would normally have a credit balance?

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