Asked by
Leslie Molinar
on Oct 16, 2024
Verified
An expense account normally has a credit balance.
Expense Account
An account that tracks money spent or costs incurred in an organization's efforts to generate revenue, representing the cost of doing business.
Credit Balance
The amount that appears on the right side of a ledger account, indicating that a liability has increased or an asset has decreased.
- Master the usual balance and the techniques used in amplifying or lessening diverse account types, including assets, liabilities, equity, revenue, and expenses.
Verified Answer
KT
Learning Objectives
- Master the usual balance and the techniques used in amplifying or lessening diverse account types, including assets, liabilities, equity, revenue, and expenses.