BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Liability accounts normally have credit balances. Q. Subsidiary books do not have both the debit and credit sides. They simply have either debit or credit balance.

Detailed explanation-2: -The normal balance of an account is the side of the account that is positive or increasing. The normal balance for asset and expense accounts is the debit side, while for income, equity, and liability accounts it is the credit side.

Detailed explanation-3: -Typically, when reviewing the financial statements of a business, Assets are Debits and Liabilities and Equity are Credits.

Detailed explanation-4: -The normal balance of liability account is Credit balance. Normal balance is the side where the balance of the account is normally found. Asset accounts normally have debit balances, while liabilities and capital normally have credit balances.