The account type and normal balance of Prepaid Expense is
A) revenue, credit
B) expense, debit
C) liability, credit
D) asset, debit

Name: The account type and normal balance of Prepaid Expense is A) revenue, credit B) expense, debit C) liability, credit D) asset, debit
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Question

Quizplus · Accepted Answer

Prepaid Expense is an asset account and has a debit normal balance, representing an amount paid in advance for an expense that will be incurred later.

The Account Type and Normal Balance of Prepaid Expense Is