What Is Revenue Normal Balance
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Cost of goods sold normal balance.
What is revenue normal balance. Cash is an asset on the left side of the accounting equation and is normally a debit balance. Accounts with balances that are the opposite of the normal balance are called contra accounts. Let s illustrate revenue accounts by assuming your company performed a service and was immediately paid the full amount of 50 for the service. Hence contra revenue accounts will have debit balances.
For liability equity and revenue accounts the normal balance is a credit balance. For asset and expense accounts the normal balance is a debit balance. In accounting terminology a normal balance refers to the kind of balance that is considered normal or expected for each type of account. A normal balance is the expectation that a particular type of account will have either a debit or a credit balance based on its classification within the chart of accounts it is possible for an account expected to have a normal balance as a debit to actually have a credit balance and vice versa but these situations should be in the minority.
Cost of goods sold is an expense on the left side of the.
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