Which of the following statements is incorrect? a. The normal balance of the receivable account is a debit. b. The normal balance of the owner’s personal account is a debit. c. The normal balance of an unearned revenues account is a credit. d. The normal balance of an expense account is a credit. e. All of the above statements are correct.
Question
Solution 1
Step 1: Define the Problem
Identify which statement about normal account balances is incorrect.
Step 2: Break Down the Problem
Evaluate each statement to determine its correctness:
- a. Normal balance of receivable account
- b. Normal balance of owner’s personal account
- c. Normal balance Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI is a powerful AI-powered study tool designed to help you to solve study problem.
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Which of the following statements is incorrect? a. The normal balance of the receivable account is a debit. b. The normal balance of the owner’s personal account is a debit. c. The normal balance of an unearned revenues account is a credit. d. The normal balance of an expense account is a credit. e. All of the above statements are correct.
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