Which of the following statements about revenue is CORRECT?
A) Revenues decrease owner's equity, so a revenue account's normal balance is a credit balance.
B) Revenues decrease owner's equity, so a revenue account's normal balance is a debit balance.
C) Revenues increase owner's equity, so a revenue account's normal balance is a debit balance.
D) Revenues increase owner's equity, so a revenue account's normal balance is a credit balance.
Correct Answer:
Verified
Q59: For Revenues,the category of account and its
Q60: For Expenses,the category of account and its
Q61: A business purchases equipment for cash in
Q62: When a business records an expense incurred,the
Q63: An owner invests $20,000 in her new
Q65: When a business records revenue earned,the revenue
Q66: A business purchased $200 of supplies
Q67: A business makes a cash payment of
Q68: The normal sequence of information flow in
Q69: Which of the following is the order
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents