Which of the following accounts has a normal debit balance? O Accounts Payable O Prepaid Rent...

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Which of the following accounts has a normal debit balance? O Accounts Payable O Prepaid Rent O Retained Earnings O Common St

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Answer 1

Answer #1

All assets and expenses have normal debit balances. All liabilities, revenues and owners equity have normal credit balances.

Prepaid rent is an asset, hence it has normal debit balance.

Accounts payable, retained earnings and common stock have normal credit balances.

Second option is correct.

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Answer 2

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