Question: QUESTION ANSWER Assuming normal account balances, the following statement is true when balancing a Taccount or Ledger? Liabilities normally have credit balances. Withdrawals normally have

QUESTION
ANSWER
Assuming normal account balances, the following statement is true when balancing a Taccount or Ledger?
Liabilities normally have credit balances.
Withdrawals normally have credit balances.
Assets normally have credit balances.
Expenses normally have credit balances.
QUESTION ANSWER Assuming normal account balances, the following statement is true

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Assuming normal account balances, the following statement is true when balancing a T - account or Ledger? Answer Liabilities normally have credit balances. Assets normally have credit balances....

Q:

Assuming normal account balances, the following statement is true when balancing a T - account or Ledger? Answer Unselected Dividends normally have credit balances. Unselected Assets normally have...

Q:

Assuming normal account balances, the following statement is true when balancing a T - account or Ledger? Dividends normally have credit balances. Liabilities normally have credit balances. Assets...

Q:

Assuming normal account balances, the following statement is true when balancing a T-account or Ledger? CORRECT ANSWER: Assets normally have debit balances

Q:

Assuming normal account balances, the following statement is true when balancing a T - account or Ledger? Assets normally have debit balances. Common Stock normally has a debit balance. Liabilities...

Q:

Revenues normally have debit balances.Assuming normal account balances, the following statement is true when balancing a T - account or Ledger? Assets normally have debit balances. Liabilities...

Q:

Assuming normal account balances, which statement is true when balancing a T - account or ledger? Answer Unselected Expenses normally have credit balances. Unselected Withdrawals normally have credit...

Q:

I need this answered. Part B Brief Exercise 2-1 Your answer is correct. For each of the following accounts, indicate the effects of a debit and a credit on the accounts and the normal balance of the...

Q:

Good Morning can you assist me with the Discussion for my Accounting class? 150-200 words I attached the chapter reading just in case you need it ********************************** The Importance of...

Q:

Multiple Choice: Select the best answer 1. Among the chief advantages of forming a business as a corporation is that A) Corporation can be formed any time with any number of shareholders. B) The...

Q:

Solve the initial value problem. Y = Solve the initial value problem. Y = dy dx + 9xy = 8x, y(0) = - 5

Q:

A DMA module is transferring characters to main memory from an external device transmitting at 9600 bits per second (bps).The processor can fetch instructions at the rate of 1 million instructions...

Q:

ach business day, on average, a company writes checks totaling $ 4 1 , 6 2 7 to pay its suppliers. The usual clearing time for these checks is 3 . 2 days. Meanwhile, the company is receiving payments...

Q:

If the following join statement is used to join two tables in a query, which of the following tables would all of the tuples in the relation appear in results? left join university.students on...