No, the normal balance of an expense account is a debit. Expenses increase with debits and decrease with credits, which is the opposite of revenue accounts that have a normal credit balance. Therefore, when recording expenses, they are typically debited to reflect their impact on reducing overall equity.
liability with a credit balance
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
The normal balance of an account refers to the side (debit or credit) that increases the account's balance. For asset accounts, the normal balance is a debit, while for liability and equity accounts, it is a credit. Revenue accounts also have a normal credit balance, and expense accounts typically have a normal debit balance. Understanding these normal balances is crucial for accurate bookkeeping and financial reporting.
debit
Debit
liability with a credit balance
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
The normal balance of an account refers to the side (debit or credit) that increases the account's balance. For asset accounts, the normal balance is a debit, while for liability and equity accounts, it is a credit. Revenue accounts also have a normal credit balance, and expense accounts typically have a normal debit balance. Understanding these normal balances is crucial for accurate bookkeeping and financial reporting.
debit
Debit
Yes it is.
All expenses have debit balance which reduces the profit of company and shown under income statement and all revenues are credit account which increases the income of company
1. asset, debit 2. expense, debit 3. revenue, credit 4. liability, credit which one of them???
debit
The normal balance in a capital account is a credit. Capital is a balance sheet account. Assets = Liabilities + Capital
A liability account normally has a credit balance.
Rent expense has a debit balance as a normal balance so increase in rent will be shown by debit to rent expense.