Which of the following groups of accounts contains only those accounts that normally have credit balances?
A)Accounts Payable; Retained Earnings; Service Revenue.
B)Equipment; Cash; Contributed Capital.
C)Notes Payable; Wages Payable; Rent Expense.
D)Accounts Receivable; Accounts Payable; Deferred Revenue.

Question

Quizplus · Accepted Answer

Accounts Payable, Retained Earnings, and Service Revenue normally have credit balances. Accounts Payable and Retained Earnings are liabilities and equity accounts, respectively, which typically have credit balances. Service Revenue is an income account, which also normally has a credit balance.

Which of the Following Groups of Accounts Contains Only Those