What Type of Account Is Prepaid Rent and What Is

question 35

Essay

What type of account is Prepaid rent and what is its normal balance?
A) Expense and debit
B) Liability and credit
C) Revenue and credit
D) Asset and debit

• A) Expense and debit
• B) Liability and credit
• C) Revenue and credit
• D) Asset and debit

---

Definitions:

Human Flourishing

A state where individuals live within an optimal range of human functioning, including happiness, health, and fulfillment.

Well-being

The state of being comfortable, healthy, or happy, encompassing physical, psychological, and emotional aspects of an individual's life.

Practical Wisdom

The ability to make judicious decisions in everyday life based on experience, knowledge, and moral insight.

Ethical Matters

Pertains to issues or situations that require individuals or organizations to choose actions that are morally right and just.