Which of the following correctly identifies normal balances of accounts?
A)$$\begin{array} { l l }
\text { Assets } & \text { Debit } \
\text { Liabilities } & \text { Credit } \
\text { Common Stock } & \text { Credit } \
\text { Revenues } & \text { Debit } \
\text { Expenses } & \text { Credit }
\end{array}$$
B)$$\begin{array} { l l }
\text { Assets } & \text { Debit } \
\text { Liabilities } & \text { Credit } \
\text { Common Stock } & \text { Credit } \
\text { Revenues } & \text { Credit } \
\text { Expenses } & \text { Credit }
\end{array}$$
C)$$\begin{array} { l l }
\text { Assets } & \text { Credit } \
\text { Liabilities } & \text { Debit } \
\text { Common Stock } & \text { Debit } \
\text { Revenues } & \text { Credit } \
\text { Expenses } & \text { Debit }
\end{array}$$
D)$$\begin{array} { l l }
\text { Assets } & \text { Debit } \
\text { Liabilities } & \text { Credit } \
\text { Common Stock } & \text { Credit } \
\text { Revenues } & \text { Credit } \
\text { Expenses } & \text { Debit }
\end{array}$$

Question

Which of the following correctly identifies normal balances of accounts? 
A)$$\begin{array} { l l } 
\text { Assets } & \text { Debit } \
\text { Liabilities } & \text { Credit } \
\text { Common Stock } & \text { Credit } \
\text { Revenues } & \text { Debit } \
\text { Expenses } & \text { Credit }
\end{array}$$ 
B)$$\begin{array} { l l } 
\text { Assets } & \text { Debit } \
\text { Liabilities } & \text { Credit } \
\text { Common Stock } & \text { Credit } \
\text { Revenues } & \text { Credit } \
\text { Expenses } & \text { Credit }
\end{array}$$ 
C)$$\begin{array} { l l } 
\text { Assets } & \text { Credit } \
\text { Liabilities } & \text { Debit } \
\text { Common Stock } & \text { Debit } \
\text { Revenues } & \text { Credit } \
\text { Expenses } & \text { Debit }
\end{array}$$ 
D)$$\begin{array} { l l } 
\text { Assets } & \text { Debit } \
\text { Liabilities } & \text { Credit } \
\text { Common Stock } & \text { Credit } \
\text { Revenues } & \text { Credit } \
\text { Expenses } & \text { Debit }
\end{array}$$

Quizplus · Accepted Answer

Assets have a normal debit balance, liabilities and common stock have a normal credit balance, revenues have a normal credit balance, and expenses have a normal debit balance.

Which of the Following Correctly Identifies Normal Balances of Accounts