The Account Type and Normal Balance of Prepaid Expense Is

question 118

Multiple Choice

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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Definitions:

Wrongdoing

Actions or behaviors that are illegal, unethical, or morally incorrect.

Current Law

The body of law that is in effect at the present time, governing contemporary legal issues and society.

Member-managed LLC

A limited liability company governed by its members rather than designated managers, with members actively involved in decision-making.

Articles of Organization

The legal document filed with a government body to formally establish a limited liability company (LLC).