Asked by
James Manns
on Nov 14, 2024
Verified
A debit is not the normal balance for which account listed below?
A) Owner's Drawings
B) Cash
C) Accounts Receivable
D) Service Revenue
Normal Balance
The side of an account (debit or credit) that is expected to have a higher balance, based on accounting rules.
Owner's Drawings
Removal of funds or other valuables from a company by the proprietor for their personal benefit.
Cash
A form of liquid asset that represents immediately available funds for transaction, trade, and settling debts.
- Identify and decode the standard balances applicable to various account classes.
- Understand the variance in effects of debits and credits among different account classifications.
Verified Answer
IM
Learning Objectives
- Identify and decode the standard balances applicable to various account classes.
- Understand the variance in effects of debits and credits among different account classifications.