Accounts receivable in an asset account and normally maintains a debit balance. So the answer is Yes.
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.
Accounts receivable is an asset of company and like all other assets accounts accounts receivable also has debit balance.
Debit
Asset- Debit balance
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
Sales is a revenue account and like all revenue accounts sales also has credit balance as normal balance and cash or accounts receivable are debit against it.
Revenue is always credit as all revenue accounts has credit balance as normal balance and cash received or accounts receivable is debit against it.
Accounts receivable has a debt balance as normal accounting balance because it is an asset of company.
Accounts receivable is a debit.Answer:Accounts receivable is an asset and therefore maintains a debit balance. This is an account listing what a person or company owes you, or money that you expect to receive. Since it is an asset (all assets maintain a debit balance) it means to increase the account you debit it and to decrease it (when a payment is made by the customer) you credit it.Assets = debit balance (increase with debit, decrease with credit)Liabilities and Owners Equity = credit balance (increase with a credit, decrease with a debit)(GAAP)
Accounts receivable is that amount which is receivable in future and so it is an asset of company and that’s why like all assets it also has debit balance and shown in current assets portion of balance sheet.
No, Accounts payable don;t have debit balance as a normal balance and it mayb e happend of debit balance due to more payment then required.
A contra-account is a sub-account or a related account that normally has the opposite balance, thereby reducing the balance of the main account. For example, Reserve for Bad Debts is a contra-account to Accounts Receivable. A/R normally has a debit balance while the reserve normally has a credit balance.