Which of the following accounts normally has a debit balance?
A)Accumulated amortization
B)Prepaid insurance
C)Accounts payable
D)Common shares

Question

Quizplus · Accepted Answer

Prepaid insurance is an asset account that represents the amount paid for insurance coverage that has not yet been used up. As an asset, it normally has a debit balance. Accumulated amortization, accounts payable, and common shares are all different types of accounts that can have either a debit balance or a credit balance depending on the specific transaction.

Which of the Following Accounts Normally Has a Debit Balance