Question

Expenses normally carry a _______ balance and are shown in the ______________. Debit; Income statement Credit; Balance sheet Debit; Statement of stockholders' equity Debit; Balance sheet

Answer 1

Answer:

Debit; Income statement

Explanation:

In this question, we use one of the golden rules of accounting i.e

Debit all expenses and losses and credit all income and gains

This above statement comes under the nominal account

In this account, The expenses have a debit balance and are shown under the income statement whereas the income and gains have a credit balance and are shown under the income statement.