Asked by
Gianni Tomasi
on Nov 15, 2024Verified
The normal balance of a liability account is a debit.
Liability Account
An account documenting the obligations or debts a company owes to others, which must be settled over time.
Normal Balance
The usual debit or credit balance that an account type is expected to have, which helps in ensuring the correct recording of transactions.
Debit
An accounting entry that results in either an increase in assets or a decrease in liabilities on a company's balance sheet.
- Identify the normal balances of different types of accounts (assets, liabilities, equity).
Verified Answer
DD
Learning Objectives
- Identify the normal balances of different types of accounts (assets, liabilities, equity).