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Which normally has a credit balance - accounts receivable or notes payable?
Notes Payable is a liability, so it would normally have a credit balance. Accounts Receivable is an asset which would normally have a debit balance.
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
Does sales have a normal debit balance?
No, Sales would normally have a credit balance.
A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
Is bonds payable normally debit or credit?
Bonds Payable would be a liability and therefore normally maintain a credit balance.
Which normally has a credit balance - accounts receivable or notes payable?
Notes Payable is a liability, so it would normally have a credit balance. Accounts Receivable is an asset which would normally have a debit balance.
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
Would equipment normally have a credit balance?
No, but it would have a value.
Does sales have a normal debit balance?
No, Sales would normally have a credit balance.
A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
Expenses are to be debit or credit?
An Expense would normally have a debit balance.
Accounts payable is considered a what on trial balance credit or debit?
An account payable is a liability and would be considered a credit. Remember liabilities maintain a credit balance. Even when listing on the Trial Balance, all liabilities (including accounts payable) will be shown as their actual type, hence account payable is a credit.
Is bonds payable normally debit or credit?
Bonds Payable would be a liability and therefore normally maintain a credit balance.
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
Would a credit entry to the accounts receivable ledger account would make the balance?
No! Accounts receivables is treated as an asset element in the balance sheet, and crediting an asset means decrease in asset.
Would a credit entry to the accounts receivable ledger account would make the balance increase?
No! Accounts receivables is treated as an asset element in the balance sheet, and crediting an asset means decrease in asset.
When do you need to credit accounts receivable?
Accounts receivable is an asset account and therefore debit in nature. If you were to credit it, you would reduce its balance. This would usually be done upon receipt of payment or when a receivable is written off.
