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e normal balance

e normal balance

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is correct? 12. Debit is the normal balance of the accounts payable account. a. h Credit is the normal balance of the accounts receivable account. Debit is the normal balance of the Income from Services account. d. Debit is the normal balance of the Drawing account. C. 13. Which of the following is true? a. An asset account would be decreased with a debit. b. A liability account would be increased with a debit. A revenue account would be increased with a credit. C. d. An expense account would be increased with a credit.
Transcribed Image Text:Which of the following is correct? 12. Debit is the normal balance of the accounts payable account. a. h Credit is the normal balance of the accounts receivable account. Debit is the normal balance of the Income from Services account. d. Debit is the normal balance of the Drawing account. C. 13. Which of the following is true? a. An asset account would be decreased with a debit. b. A liability account would be increased with a debit. A revenue account would be increased with a credit. C. d. An expense account would be increased with a credit.
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