Which of the following accounts would be classified as nominal account and have a normal balance of a debit? retained earnings O prepaid insurance
Which of the following accounts would be classified as nominal account and have a normal balance of a debit? retained earnings O prepaid insurance
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Which of the following accounts would be classified as a
nominal account and have a normal balance of a debit?
retained earnings
O prepaid insurance
O unearned revenue
salary expense
accounts payable
rental revenue
more than one of the above accounts is correct
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