Question

Identify the statement below that is incorrect Multiple Choice o The normal balance of accounts receivable is a debit. o The

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Answer #1

Answer: The normal balance of an expense accounts is a credit

Explanations:

The normal balance of Assets, Expenses and Dividend are Debit and

The normal balance of Revenues, Liabilities and Equity are Credit.

So that,

The normal balance of accounts receivable (Asset) is a debit

The normal balance of dividend is a debit

The normal balance of Unearned revenues (liability) is a credit

The normal balance of an expense is a debit

The normal balance of the common stock account (Equity) is a credit

Hence,

The normal balance of an expense is a credit is incorrect.

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