Which of the following statements is TRUE?
A)Asset and liability accounts have a normal debit balance.
B)To debit an account means to increase it.
C)Contributed capital and retained earnings have a normal credit balance.
D)To credit an account means to decrease it.

Question

Quizplus · Accepted Answer

Contributed capital and retained earnings are equity accounts, which have a normal credit balance.

Which of the Following Statements Is TRUE