Question

on which side decrease in the account be recorded and mention the nature of the account 1. rent paid 2. prepaid insurance​

Answer 1

Answer:

Rent Outstanding - The decrease will be recorded on the Debit Side of the account, and the nature of the account is Personal account. 5. Prepaid Insurance - The decrease will be recorded on the Credit Side of the account, and the nature of the account is Personal account.

Answer 2

Answer:

ʀᴇɴᴛ ᴏᴜᴛsᴛᴀɴᴅɪɴɢ - ᴛʜᴇ ᴅᴇᴄʀᴇᴀsᴇ ᴡɪʟʟ ʙᴇ ʀᴇᴄᴏʀᴅᴇᴅ ᴏɴ ᴛʜᴇ ᴅᴇʙɪᴛ sɪᴅᴇ ᴏғ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ, ᴀɴᴅ ᴛʜᴇ ɴᴀᴛᴜʀᴇ ᴏғ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴘᴇʀsᴏɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ. 5. ᴘʀᴇᴘᴀɪᴅ ɪɴsᴜʀᴀɴᴄᴇ - ᴛʜᴇ ᴅᴇᴄʀᴇᴀsᴇ ᴡɪʟʟ ʙᴇ ʀᴇᴄᴏʀᴅᴇᴅ ᴏɴ ᴛʜᴇ ᴄʀᴇᴅɪᴛ sɪᴅᴇ ᴏғ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ, ᴀɴᴅ ᴛʜᴇ ɴᴀᴛᴜʀᴇ ᴏғ ᴛʜᴇ ᴀᴄᴄᴏᴜɴᴛ ɪs ᴘᴇʀsᴏɴᴀʟ ᴀᴄᴄᴏᴜɴᴛ.