Which of the following statements about normal account balances is correct?
A)Assets have debit balances and liabilities have credit balances.
B)Assets and liabilities have credit balances.
C)Assets have credit balances and liabilities have debit balances.
D)Assets and liabilities have debit balances.

Question

Quizplus · Accepted Answer

Assets normally end with a debit balance (because debits to assets normally exceed credits)and liabilities and stockholders' equity accounts normally end with credit balances (credits exceed debits).

Which of the Following Statements About Normal Account Balances Is