Assets, dividends, and expenses are accounts that normally have credit balances. True False Revenue Recognition Principle states that companies recognize expenses in the period in which they make efforts (consume assets or incur liabilities) to generate revenue.* True False According to the expanded accounting equation, a company has recorded $109,000 of Assets, $49,500 of Liabilities, $47,500 of Owners' Equity, $24,000 of Revenue, and $4,000 of Owners' Withdrawal. The Expenses incurred by the company for this accounting period is $7,000.* True False Economic Entity Assumption states that the activities of the entity be kept separate and distinct from the activities of its owner and all other economic entities. * True O False