assuming normal account balances, the following statement is true when balancing a t-account or ledger?

liabilities normally have debit balances.
common stock normally has a debit balance.
revenues normally have debit balances.
assets normally have debit balances.
i dont know yet

Question

assuming normal account balances, the following statement is true when balancing a t-account or ledger?

liabilities normally have debit balances.
common stock normally has a debit balance.
revenues normally have debit balances.
assets normally have debit balances.
i dont know yet

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "direct_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Debit and Credit Balances" ], "new_concepts": [], "current_concepts": [ "Debit and Credit Balances", "T-Account Structure" ] } ## Analyze normal account balances $$ \begin{aligned} &\text{Assets} \implies \text{Normal Debit Balance} \ &\text{Liabilities} \implies \text{Normal Credit Balance} \ &\text{Common Stock (Equity)} \implies \text{Normal Credit Balance} \ &\text{Revenues} \implies \text{Normal Credit Balance} \end{aligned} $$ ## Evaluate the given options - "Liabilities normally have debit balances" is false. - "Common Stock normally has a debit balance" is false. - "Revenues normally have debit balances" is false. - "Assets normally have debit balances" is true.

Liabilities normally have debit balances.

Common Stock normally has a debit balance.

Revenues normally have debit balances.

Assets normally have debit balances.

I don't know yet

{ "subject": "Business", "question_type": "Multiple Choice", "knowledge_point": [ "Business", "Accounting", "Debit and Credit Balances" ] }

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Question

Explanation:

Analyze normal account balances

Evaluate the given options

Answer: