Which of the Following Accounts Does Not Have a Normal

question 28

Multiple Choice

Which of the following accounts does not have a normal credit balance?

• A)Deferred Revenue
• B)Prepaid Rent
• C)Accounts Payable
• D)Service Revenue

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Definitions:

General Ledger

The primary accounting record of a company that contains all the account balances needed to prepare financial statements.

Accounts Payable

Liabilities owed by a business to its suppliers or vendors for goods and services received but not yet paid for.

General Ledger

A comprehensive set of accounts that records all financial transactions of a business, organized by account.

Subsidiary Ledger

A subsidiary ledger is a detailed ledger that contains account-specific information, supporting and connected to the general ledger for a comprehensive accounting system.