20. which of the following accounts will normally have credit balances? select... contra asset accounts…
20. which of the following accounts will normally have credit balances? select... contra asset accounts contra liability accounts contra revenue accounts
Answer
Brief Explanations:
Contra - asset accounts are used to reduce the value of an asset account. They have credit balances as they are the opposite of asset accounts which have debit balances. Contra - liability, and contra - revenue accounts have debit balances.
Answer:
Contra asset accounts