Which of the Following Correctly Identifies Normal Balances of Accounts

question 98

Short Answer

Which of the following correctly identifies normal balances of accounts? a. $\begin{array}{ll}\text { Assets } & \text { Debit } \\\text { Liabilities } & \text { Credit } \\\text { Common Stock } & \text { Credit } \\\text { Revenues } & \text { Debit } \\\text { Expenses } & \text { Credit }\end{array}$

b. $\begin{array}{ll}\text { Assets } & \text { Debit } \\\text { Liabilities } & \text { Credit } \\\text { Common Stock } & \text { Credit } \\\text { Revenues } & \text { Credit } \\\text { Expenses } & \text { Credit }\end{array}$

c. $\begin{array}{ll}\text { Assets } & \text { Credit } \\\text { Liabilities } & \text { Debit } \\\text { Common Stock } & \text { Debit } \\\text { Revenues } & \text { Credit } \\\text { Expenses } & \text { Debit }\end{array}$

d. $\begin{array}{ll}\text { Assets } & \text { Debit } \\\text { Liabilities } & \text { Credit } \\\text { Common Stock } & \text { Credit } \\\text { Revenues } & \text { Credit } \\\text { Expenses } & \text { Debit }\end{array}$

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