Asked by Chamil Bruno on Jul 18, 2024
Verified
Assets normally show
A) credit balances.
B) debit balances.
C) debit and credit balances.
D) debit or credit balances.
Debit Balances
Balances in accounts that represent amounts spent or assets, as opposed to credits, which signify income or liabilities.
Assets
Economic resources controlled or owned by a business or individual, which have future economic value.
- Determine the usual balances for various types of accounts.
Verified Answer
DP
Dolly PatelJul 23, 2024
Final Answer :
B
Explanation :
Assets are typically classified as debit balances on the balance sheet of an organization. This is because assets represent the resources that a company owns or controls, and so they are recorded as positive values on the left side (debit side) of the accounting equation.
Learning Objectives
- Determine the usual balances for various types of accounts.