Which statement is true about ledger balances? a. asset accounts have credit balances. b. liability accounts have debit balances. c. equity accounts have credit balances. d. expense accounts have credit balances. e. revenue accounts have debit balances.

Equity accounts have credit balances.

Choice C

Explanation:

In ledger accounts, Equity, Liability and Revenue accounts have credit balances.

On the other hand, Asset and Expense accounts have debit balances.

The correct answer would be option C, Equity Accounts have credit balances.

Explanation:

General Ledger is the set of accounts that businesses keep and maintain to have a record of their financial transactions. These ledger accounts help the accountants to make the financial statements and reports of the organization. Each account contains full detail about the specific account title

Assets and expenses would have debit balances, while liabilities, equities and revenues would have credit balances.

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