Asked by Mackenzie Dolishny on Jul 18, 2024
Verified
______________ _______________ and _______________ have debit normal account balances whereas _______________ ________________ and ________________ have credit normal account balances.
Debit Normal
Refers to accounts that are increased with a debit transaction and have a natural debit balance, such as assets, expenses, and losses.
Credit Normal
The usual terms or conditions under which credit is extended to customers, including payment due dates and interest rates.
- Understand the normal balance of various types of accounts.
Verified Answer
TB
Tommy BandyJul 19, 2024
Final Answer :
Assets expenses owner's drawingsowner's capital liabilities revenues
Learning Objectives
- Understand the normal balance of various types of accounts.