Which of the following accounts does NOT normally have a credit balance?
A) accounts payable
B) retained profits
C) tax payable
D) prepaid expenses.

Question

Quizplus · Accepted Answer

Prepaid expenses are typically recorded as an asset and have a debit balance. Accounts payable, tax payable, and retained profits are all typically recorded as liabilities or equity and have credit balances.

Which of the Following Accounts Does NOT Normally Have a Credit