Which of the following accounts normally has a debit balance?
A)Prepaid Insurance
B)Unearned Service Revenue
C)Accounts Payable
D)Common Stock

Question

Quizplus · Accepted Answer

Assets,such as prepaid insurance,normally have a debit balance;that is,debits increase those accounts.Liabilities,such as unearned revenue and accounts payable,normally have a credit balance;that is,credits increase those accounts.Stockholders' equity accounts,such as common stock,normally have a credit balance;that is,credits increase those accounts.

Which of the Following Accounts Normally Has a Debit Balance