Question: For each account listed below, indicate whether it is a nominal account or a permanent account and identify the normal balance of the account (debit

For each account listed below, indicate whether it is a nominal account or a permanent account and identify the normal balance of the account (debit or credit). Select your answer by clicking in the drop down box to the right of each account. Answer choices may be used once, more than once, or not at all. 

1. prepaid rent

2. loss on sale of land

3. notes payable

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!