Identify the list of accounts below that would normally all have a credit balance.
A)Employee Income Tax Payable, Social Security Tax Payable, Salaries Expense.
B)Salaries Payable, Prepaid Insurance, Medicare Tax Payable.
C)Wages Expense, Salaries Payable, Equipment.
D)Salaries Payable, Employee Income Tax Payable, Owner's Capital.

Question

Quizplus · Accepted Answer

Salaries Payable, Employee Income Tax Payable, and Owner's Capital are all accounts that would normally have a credit balance. Salaries Payable and Employee Income Tax Payable are liability accounts, which typically have credit balances. Owner's Capital is an equity account, which also normally has a credit balance.

Identify the List of Accounts Below That Would Normally All