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14 March, 06:14

What type of account is prepaid rent, and what is its normal balance?

a. it is an asset account and has a debit balance.

b. it is an expense account and has a debit balance.

c. it is a liability account and has a credit balance.

d. it is a revenue account and has a credit balance?

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  1. 14 March, 06:27
    0
    Prepaid rent is an asset account and has a debit balance.

    An asset is anything intangible or tangible that can be owned, has value or and/or creates revenue.

    Debit balance is normal and pertains to cash, accounts receivable, inventory, prepaid expenses, buildings and more!
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Home » Business » What type of account is prepaid rent, and what is its normal balance? a. it is an asset account and has a debit balance. b. it is an expense account and has a debit balance. c. it is a liability account and has a credit balance. d.
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