When considering normal accounts balances, which statement is true
Homework Answers
Ans:
When considering normal accounts balances,
- All assets have debit balance ,
- All liabilities and retained earnings have credit balances.
- Cash normally has a debit balance, since it is an asset.
- Accounts payable normally have a credit balance as it is a liability.
- Accounts receivable normally have a debit balance, because it is an asset.
- Retained earnings normally have a credit balance.
Note: You have not provided the options or statements to choose, the above rules are applied when normal account balances are considered.
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