Which of the following statements is incorrect?
A) The normal balance of accounts receivable is a debit.
B) The normal balance of owner's withdrawals is a debit.
C) The normal balance of unearned revenues is a credit.
D) The normal balance of an expense account is a credit.
E) The normal balance of the owner's capital account is a credit.

Question

Quizplus · Accepted Answer

The normal balance of an expense account is a debit, not a credit. Expenses represent decreases in assets or increases in liabilities, which are typically debited in accounting.

Which of the Following Statements Is Incorrect