A contra long-term asset account normally has a: Select one: a. It depends on the type...
A contra long-term asset account normally has a:
Select one:
a. It depends on the type of asset account to which the contra account is linked
b. Zero balance
c. Debit balance
d. Credit balance
Homework Answers
| A contra long-term asset account normally has a Credit balance |
| The most common contra long-term asset account is Accumulated Depreciation account, which has a normal credit balance and is shown as a deduction from Asset Account. |
| Option D Credit balance is correct |
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