Which of the following groups of accounts contains only those that normally have credit balances?
A)Accounts Payable,Service Revenue,and Retained Earnings
B)Cash,Equipment,and Common Stock
C)Notes Payable,Salaries and Wages Payable,and Rent Expense
D)Cash,Accounts Receivable,and Retained Earnings

Question

Quizplus · Accepted Answer

Assets (Cash,Equipment,and Accounts Receivable)and expenses (Rent Expense)normally have debit balances.Liabilities (Accounts Payable,Notes Payable,and Salaries and Wages Payable),Revenues (Service Revenue)and Stockholders' Equity (Common Stock and Retained Earnings)normally have credit balances.

Which of the Following Groups of Accounts Contains Only Those