The normal balance of a liability account is on the debit side.
Correct Answer:
Verified
Q5: An increase in an expense results in
Q6: When developing a chart of accounts, the
Q7: Revenue is a component of owner's equity.
Q8: When preparing the trial balance, the total
Q9: If the total on the debit side
Q11: Debit entries increase asset, drawing, expense and
Q12: A business transaction must affect at least
Q13: When an owner invests assets in a
Q14: Increases in assets and expenses are both
Q15: Credits increase Liabilities, Owner's Equity, and Revenue.
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents