Final answer:
In accounting, asset accounts like cash and accounts receivable typically have a normal balance on the debit side, while liability and equity accounts have a normal balance on the credit side.
Step-by-step explanation:
In accounting, the normal balance on the debit side is typically associated with asset accounts, such as cash, accounts receivable, and equipment. These accounts have a positive balance on the debit side, indicating an increase in assets. For example, when cash is received, it is recorded as a debit entry in the cash account.
Liability and equity accounts, on the other hand, have a normal balance on the credit side. This means that an increase in liabilities or equity is recorded as a credit entry. For instance, when a company borrows money, it increases its liabilities, so the entry is recorded as a credit in the liability account.
It's important to note that while certain accounts have a normal balance on one side, transactions can occur that cause them to have a balance on the other side. For example, an account receivable may have a debit balance if a customer returns a product and is issued a refund.