Use the following information to answer questions

-Select the true statement (note: an answer may be true even if it does not identify all accounts that have debit balances on that particular financial statement).
A)Account numbers 1,3,and 5 normally have debit balances.
B)Account numbers 2,4,and 5 normally have debit balances.
C)Account numbers 2,5,and 8 normally have debit balances.
D)Account numbers 4,5,and 6 normally have debit balances.

Question

Use the following information to answer questions 
 
-Select the true statement (note: an answer may be true even if it does not identify all accounts that have debit balances on that particular financial statement).
A)Account numbers 1,3,and 5 normally have debit balances. 
B)Account numbers 2,4,and 5 normally have debit balances. 
C)Account numbers 2,5,and 8 normally have debit balances. 
D)Account numbers 4,5,and 6 normally have debit balances.

Quizplus · Accepted Answer

Without any additional information about the accounts, we can assume that Account numbers 1, 3, and 5 normally have debit balances because it is a common practice for assets, expenses, and dividends accounts to have debit balances. However, we cannot determine for certain which other accounts have debit balances.

Use the Following Information to Answer Questions