29. Which of the following statements is correct? (19 When an insurance premium is paid in advance, the payment is normally recorded in a liability account called Prepaid Insurance. Goods and services are commonly sold to customers on the basis of oral or implied promises of future payment, called promissory notes. Increases and decreases in cash are always recorded in the equity account. @ An account called Land is commonly used to record increases and decreases in the land and buildings owned by a business. None Of these statements are correct. 30. Which of the following statements is incorrect? The normal balance of the accounts receivable account is a debit. The normal balance of the owner's withdrawals account is a debit. The normal balance of an unearned revenues account is a credit. @ The normal balance of an expense account is a credit. (9 The abnormal balance of a revenue account is a debit. 31. On June 30, the Cash account of Majeau Company had a normal balance of $4,300. During July the account was debited for a total of $3,400 and credited for a total of $3,600. What was the balance in the Cash account on August 1? $0 $4,100 debit $3,400 credit $3,400 debit $4,100 credit