Which of the following statements is true?
A) Expenses accounts have normal credit balances and decrease owner's capital.
B) Expense accounts are increased with debits and have normal debit balances.
C) Expenses increase owner's capital.
D) Expenses and Owner's Drawings are negative factors in the computation of net income.
Correct Answer:
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Q71: A credit to a liability account
A) indicates
Q73: The owner's drawings account
A) appears on the
Q80: Assets normally show
A) credit balances.
B) debit balances.
C)
Q117: Liabilities normally show
A) credit balances.
B) debit balances.
C)
Q118: The normal balance of Owners' Capital is
Q119: Which of the following is a true
Q120: A credit is not the normal balance
Q122: When Accounts Payable is credited, it indicates
A)
Q124: The owner's drawings account
A) is reported on
Q125: Which of the following statements about expenses
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