The Office Supplies account is
A) a revenue, and it has a normal debit balance.
B) an expense, and it has a normal credit balance.
C) an asset, and it has a normal debit balance.
D) an asset, and it has a normal credit balance.

Question

Quizplus · Accepted Answer

The Office Supplies account represents an asset because it is something that the company owns and has value. The normal balance for an asset account is a debit balance because it represents an increase in assets when debited.

The Office Supplies Account Is