Asked by
Edita Alija
on Nov 18, 2024
Verified
The normal balance of an expense account is a credit.
Expense Account
An account specifically used to track expenditures related to specific activities, projects, or operations.
Credit
An arrangement where goods, services, or money is received in exchange for a promise to pay back a specific amount in the future.
- Identify the qualities and normal balances for several types of accounts like assets, liabilities, equity, revenue, and expenses.
Verified Answer
JL
Learning Objectives
- Identify the qualities and normal balances for several types of accounts like assets, liabilities, equity, revenue, and expenses.
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