Choose the TRUE Statement

Multiple Choice

Choose the TRUE statement.

A) All asset accounts have a normal debit balance with the exception of cash which has a normal credit balance.
B) Contributed capital account is increased by debits.
C) When payment is made on a liability such as accounts payable, the liability account is decreased with a credit.
D) The total amount of debits to asset accounts must equal the total amount of credits to liability and stockholders' equity accounts.