Question 2 Which of the following statements about normal account balances is correct? Assets have credit balances and liabilities have debit balances. Assets have debit balances and liabilities have credit balances. Assets and liabilities have debit balances. Assets and liabilities have credit balances. Previous Question 3 Which of the following groups of accounts contains only those that normally have credit balances? Accounts Payable Service Revenue and Retained Earnings Cash, Equipment, and Rent Expense Notes Payable. Salaries and Wages Payable, and Rent Expense Cash Accounts Receivable and Retained Earnings Previous Question 4 How do debits appear in a T-account? They are listed on the right side for asset accounts, but listed on the left side for liabilities and stockholders' equity accounts They are always listed on the right side of the account They are listed on the left side for asset accounts, but listed on the right side for abilities and stockholders' equity accounts They are always listed on the left side of the count Previous