What type of account is Prepaid Rent and what is its normal balance?
A)expense and debit
B)liability and credit
C)revenue and credit
D)asset and debit

Question

Quizplus · Accepted Answer

Prepaid Rent is an asset account because it represents an advance payment made for rent expenses that will be incurred in the future. Its normal balance is a debit because it increases with a debit entry and decreases with a credit entry.

What Type of Account Is Prepaid Rent and What Is