Liabilities normally carry a _______ balance and are shown in the _________.

Question

Quizplus · Accepted Answer

Liabilities are typically credited on the balance sheet, and since they represent obligations or debts owed by the company, they carry a credit balance. Debit balances are associated with assets and expenses on the balance sheet and income statement. The statement of stockholders' equity shows the changes in the shareholders' equity accounts, not liabilities.

Liabilities Normally Carry a _______ Balance and Are Shown in the _________

Liabilities Normally Carry a _ Balance and Are Shown in the ___