Question

Which of the following correctly identifies normal balances of accounts?

 

1. Assets Debit

Liabilities Credit

Common Stock Credit

Revenue Debit

Expenses Credit

2. Assets Debit

Liabilities Credit

Common Stock Credit

Revenue Credit

Expenses Credit

3. Assets Credit

Liabilities Debit

Common Stock Debit

Revenue Credit

Expenses Debit

4. Assets Debit

Liabilities Credit

Common Stock Credit

Revenue Credit

Expenses Debit