INS. 1. Asset accounts normally have balances. An increase in asset is recorded as a while decrease in asset is recorded as a 2. Liability accounts normally have balances. An increase in liability is recorded by a and a decrease is entered as a 3. The owner's capital account normally has a balance. This account increases on the side and decreases on the side. 4. Income accounts normally have and decrease on the balances. These accounts increase on the side side. 5. Expense accounts normally have and decrease on the balances. These accounts increase on the side side.

INS. 1. Asset accounts normally have balances. An increase in asset is recorded as a while decrease in asset is recorded as a 2. Liability accounts normally have balances. An increase in liability is recorded by a and a decrease is entered as a 3. The owner's capital account normally has a balance. This account increases on the side and decreases on the side. 4. Income accounts normally have and decrease on the balances. These accounts increase on the side side. 5. Expense accounts normally have and decrease on the balances. These accounts increase on the side side.

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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