Question

4. Which account types normally have a debit balance? A. Expenses B. Revenues C. Liabilities D....

4. Which account types normally have a debit balance? A. Expenses B. Revenues C. Liabilities D. Both B and C

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

The correct option is " A " i.e. Expenses

Among all four only expenses have a normally debit balance

While revenue and liabilities have a normally credit balances.

Expenses are generally decrease in the the owner's capital balance , so that's why they are recorded with a debit balance

And if we compare it with revenue and liabilities both are entered with a credit balance because it increase in the owner's capital .

So we can simply say that expenses are increase with a debit balance and revenue , liability increase with a credit balance

So from above we can conclude that EXPENSES have a DEBIT BALANCE NORMALLY .

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following group of accounts are increased with a debit? A assets, liabilities, owner’s...
Which of the following group of accounts are increased with a debit? A assets, liabilities, owner’s equity B assets, drawing, expenses C assets, revenues, expenses D assets, liabilities, revenues QUESTION 11 Which of the following group of accounts are increased with a debit? A assets, liabilities, owner’s equity B assets, drawing, expenses C assets, revenues, expenses D assets, liabilities, revenues 5 points    QUESTION 12 Which of the following group of accounts increase with a credit? A Capital, revenues, expenses...
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
Which of the following is not a liability? A)          income tax payable. B)          accounts payable. C)         &nbs
Which of the following is not a liability? A)          income tax payable. B)          accounts payable. C)           unearned revenue. D)          Professional fees. A classified balance sheet is used to; A)     separate the components of assets and liabilities. B)     Has revenues and expenses included. C)      receive a loan. D)     None of the above. In the first month of operations, the total of the debit entries in accounts payable amounted to $2,000 and the total of the credit entries in accounts payable account...
For expenses, the category of account and its normal balance is ________. A) equity and a...
For expenses, the category of account and its normal balance is ________. A) equity and a credit balance B) assets and a debit balance C) assets and a credit balance D) equity and a debit balance    The Accounts Receivable account of Brownstone, Inc. has the following postings: Accounts Receivable 23,000 3,000 2,000       Calculate the ending balance of the account. A) $28,000 debit B) $25,000 debit C) $3,000 credit D) $22,000 debit    The Accounts Payable account of...
7.There are _________ types of error which not affecting trial balance. A. 4 B. 3 C....
7.There are _________ types of error which not affecting trial balance. A. 4 B. 3 C. 2 D. 1 8.The adjusting entries are important to conform the following accounting principles EXCEPT__________ A. time period concept B. matching principle C. revenue recognition principle D. money measurement concept 9.On 1 August 2019, Blue Design paid RM24,000 by cheque for store rent covering 12 month period ending 31 July 2020. The adjusting entry for rent on 31 December 2019 will be ____________ A....
The normal balance of an account is: Select one: A. The debit side B. The credit...
The normal balance of an account is: Select one: A. The debit side B. The credit side C. The side on which increases are recorded D. The side on which decreases are recorded
1 Identify the correct components of the income statement. revenues, losses, expenses, and gains assets, liabilities,...
1 Identify the correct components of the income statement. revenues, losses, expenses, and gains assets, liabilities, and owner’s equity revenues, expenses, investments by owners, distributions to owners assets, liabilities, and dividends 2. The balance sheet lists which of the following? assets, liabilities, and owners’ equity revenues, expenses, gains, and losses assets, liabilities, and investments by owners revenues, expenses, gains, and distributions to owners 3.  The accounting equation is expressed as ________. Assets + Liabilities = Owner’s Equity Assets – Noncurrent Assets...
The operations budget reflects: a. cash receipts & disbursements b. revenues and expenses c. balance sheet...
The operations budget reflects: a. cash receipts & disbursements b. revenues and expenses c. balance sheet items d. capital expenditures
8. In the first month of operations, the total of the debit entries in accounts payable...
8. In the first month of operations, the total of the debit entries in accounts payable amounted to $2,000 and the total of the credit entries in accounts payable account amounted to $6,000. The account has a A) $4,000 credit balance. B) $6,000 credit balance. C) $4,000 debit balance. D) None of the above. 9. Which of the following is not a liability? A) income tax payable. B) accounts payable. C) unearned revenue. D) Professional fees. 10. A classified balance...
If the financial account balance does not exactly offset the current account in balance. Which types...
If the financial account balance does not exactly offset the current account in balance. Which types of recording brings the balance of payment into balance? and How does direct foreign investment affect both the financial account and the current account over times?
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT