Which of the following is correct?
A) Debit is the normal balance of the accounts payable account.
B) Credit is the normal balance of the accounts receivable account.
C) Debit is the normal balance of the Income from Services account.
D) Debit is the normal balance of the Drawing account.

Question

Quizplus · Accepted Answer

The normal balance of the Drawing account is a debit because it represents amounts withdrawn by the owner from the business, reducing equity. Accounts payable normally have a credit balance, accounts receivable normally have a debit balance, and income accounts normally have a credit balance.

Which of the Following Is Correct