All T-accounts present their balance. Which of the following is correct in presenting the balance of individual T-accounts? All liability accounts record their balance in the Debit side. Revenues account records its balance in the Debit side. Common Stock account records its balance on the Credit side. Because all T-accounts have Debit Totals and Credit Totals, they show dual balances. Expense accounts record their balance on the Credit side: Question 12 1 pts Which one of the following descriptions is wrong about depreciation account? It is an Asset account with negative value. For this reason, it is called Contra Asset. It is an expense account. The amount of depreciation must be calculated using the purchase amount, useful life, and its residual value. It represents the lost value of long-term assets (such as FF\&E) over time (as they are used in business operations)