🎴 Flashcard Mode
Prepaid Expenses - Class XI
Card1 / 28
Mastered0
Review0
QuestionClick to flip
Which of the following items will have a debit balance?
AnswerClick to flip back
A
Prepaid insurance premium
💡 Explanation:
Prepaid insurance is an asset because it represents a payment made for a future service. Assets have a debit balance in accounting.