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Indicate whether a debit or credit decreases the normal balance of each of the following accounts:

a. Interest Payable
b. Accounts Receivable
c. Prepaid Insurance
d. Buildings
e. Accounts Payable
f. Land



Answer :

GinnyAnswer

Final answer:

Debits lower Interest Payable, Prepaid Insurance, and Accounts Payable. Credits reduce Accounts Receivable, Buildings, and Land.


Explanation:

A debit decreases the normal balance of the following accounts:

  1. Interest Payable
  2. Prepaid Insurance
  3. Accounts Payable

A credit decreases the normal balance of:

  1. Accounts Receivable
  2. Buildings
  3. Land

Learn more about Debits and Credits in Accounting here:

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