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In each of the following sentences, select the appropriate answer option as debit or credit. 1. The owner's capital account normally has a & balance. This account increases on the & side and decreases on the & side. & }(l) 2. Asset accounts normally have side and decrease on the & balances. These accounts increase on the & 3. Expense accounts normally have side and decrease on the & balances. These accounts increase on the & 4. Liability accounts normally have & balances. These accounts increase on the & side and decrease on the & side. & 5. Revenue accounts normally have side and decrease on the & balances. These accounts increase on the &

Question

In each of the following sentences, select the appropriate answer option as debit or credit.

 1. The owner's capital account normally has a & balance. This account increases on the & 
 side and decreases on the & side. & 
 }(l)
2. Asset accounts normally have 
side and decrease on the
 & balances. These accounts increase on the & 
 
3. Expense accounts normally have 
side and decrease on the
 & balances. These accounts increase on the & 
 4. Liability accounts normally have & balances. These accounts increase on the & 
 side and decrease on the & side. & 
 
5. Revenue accounts normally have 
side and decrease on the
 & balances. These accounts increase on the &

In each of the following sentences, select the appropriate answer option as debit or credit. 1. The owner's capital account normally has a & balance. This account increases on the & side and decreases on the & side. & }(l) 2. Asset accounts normally have side and decrease on the & balances. These accounts increase on the & 3. Expense accounts normally have side and decrease on the & balances. These accounts increase on the & 4. Liability accounts normally have & balances. These accounts increase on the & side and decrease on the & side. & 5. Revenue accounts normally have side and decrease on the & balances. These accounts increase on the &

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FayeElite · Tutor for 8 years

Answer

### 1. The owner's capital account normally has a credit balance. This account increases on the credit side and decreases on the debit side.<br />### 2. Asset accounts normally have debit balances. These accounts increase on the debit side and decrease on the credit side.<br />### 3. Expense accounts normally have debit balances. These accounts increase on the debit side and decrease on the credit side.<br />### 4. Liability accounts normally have credit balances. These accounts increase on the credit side and decrease on the debit side.<br />### 5. Revenue accounts normally have credit balances. These accounts increase on the credit side and decrease on the debit side.

Explain

## Step 1: Identify the normal balance for each account type<br />### Determine whether the normal balance for each account type is a debit or credit.<br />## Step 2: Determine the side on which the account increases<br />### Identify whether the account increases on the debit or credit side.<br />## Step 3: Determine the side on which the account decreases<br />### Identify whether the account decreases on the debit or credit side.
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