Question

Which of the following correctly identifies normal balances of accounts? Assets Debit Liabilities Credit Owner's Equity...

Which of the following correctly identifies normal balances of accounts?

Assets Debit
Liabilities Credit
Owner's Equity Credit
Revenues Debit
Expenses Credit
Assets Debit
Liabilities Credit
Owner's Equity Credit
Revenues Credit
Expenses Credit
Assets Credit
Liabilities Debit
Owner's Equity Debit
Revenues Credit
Expenses Debit
Assets Debit
Liabilities Credit
Owner's Equity Credit
Revenues Credit
Expenses Debit

Homework Answers

Answer #1

All assets and expenses have normal debit balances. All liabilities, revenues and owner's capital have normal credit balances.

Fourth option is correct.

Assets Debit
Liabilities Credit
Owner's Equity Credit
Revenues Credit
Expenses Debit

Increases in assets and expenses are debited and decreases are credited. Increases in liabilities, revenues and owner's equity are credited and decreases are debited.

Kindly comment if you need further assistance.

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