Accumulated Depreciation is a ________ account and carries a ________ normal balance.
A)revenue; debit
B)expense; debit
C)contra asset; credit
D)liability; credit

Question

Quizplus · Accepted Answer

Accumulated Depreciation is a contra asset account since it reduces the value of the related asset. Its normal balance is credit. Option A is incorrect because revenue has a credit balance. Option B is incorrect because an expense account has a debit balance. Option D is incorrect because liability accounts have credit balances.

Accumulated Depreciation Is a ________ Account and Carries a ________

Accumulated Depreciation Is a Account and Carries a