Which of the following statements is incorrect? a. The normal balance of the receivable account is a debit. b. The normal balance of the owner’s personal account is a debit. c. The normal balance of an unearned revenues account is a credit. d. The normal balance of an expense account is a credit. e. All of the above statements are correct.

Question

twhitee96521 twhitee96521

12-12-2022
Social Studies

contestada

Which of the following statements is incorrect? a. The normal balance of the receivable account is a debit. b. The normal balance of the owner’s personal account is a debit. c. The normal balance of an unearned revenues account is a credit. d. The normal balance of an expense account is a credit. e. All of the above statements are correct.

Respuesta :

Otras preguntas

explain fajan's rule

dugarniharika9045 dugarniharika9045 · Answer 1 · 2022-12-17T11:15:41+01:00

A credit represents the side of an accounts receivable account with the regular balance.

The side of the account that increases the account is the usual balance. The side of the account that increases the account is the usual balance. On the Adjusted Trial Balance, Liabilities, Retained Earnings, and Revenues would all have typical credit balances. The only account indicated that would not have a credit balance is cash because it is an asset and would have a debit balance. An asset account's default balance is a debit. We debit for an increase and credit for a decline. Ex: Cash, Receivables, Building, Materials, and Equipment Normal Liability Balance. A liability account's normal balance is a credit. Accounts receivable are always listed as an asset on a balance sheet, so a debit because it represents money that you will soon get that you will own and profit from.

Learn more about account here :

https://brainly.com/question/14569447

#SPJ4