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Revenue, Expense, Asset, Liability and Owners' Equity Accounts Normally Have

Question 21

Multiple Choice

Revenue, expense, asset, liability and owners' equity accounts normally have either a debit or a credit balance. Which of the following is incorrect?

A) Liability - credit
B) Revenue - debit
C) Asset - debit
D) Expense - debit
E) Owners' Equity - Credit

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