question 40\n2.5 pts\nfill in the blanks: expenses normally carry a ______ balance and are shown in the…

question 40\n2.5 pts\nfill in the blanks: expenses normally carry a ______ balance and are shown in the ______\ndebit; balance sheet\ncredit; statement of stockholders equity\ndebit; income statement\ncredit; balance sheet

question 40\n2.5 pts\nfill in the blanks: expenses normally carry a ______ balance and are shown in the ______\ndebit; balance sheet\ncredit; statement of stockholders equity\ndebit; income statement\ncredit; balance sheet

Answer

Brief Explanations:

Expenses are debited as they reduce equity. They are shown in the income statement to calculate net income. The balance sheet shows assets, liabilities and equity, not expenses directly. The statement of stockholders' equity focuses on changes in equity - related accounts and not expenses.

Answer:

C. Debit; Income statement