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What would you do if the credit amount is greater than the debit amount in the trial balance?
Wiki User
∙ 11y ago
You would post the surplus credit into the 'Unassigned credit' entry.
Wiki User
∙ 11y ago
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What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
What is your balance on your account?
The balance of your account is the amount of credit or debit of your account. That is how much you have or how much you owe.
Theory of debit and credit?
The Debit Credit Theory states that all Debits must be equal to all Credits. (aka when you debit something, you have to credit the same amount, to make it balance)
Is withdrawal a debit or credit balance?
it is a debit balance because it decreases owner's equity, which has credit balance.
Does cash on hand have a debit or credit balance?
credit
Is a premises an credit or debit?
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
Is purchases a normal debit or credit balance?
debit balance
Does assets account have a debit balance or a credit balance?
debit
Is an accounts receivable account in accounting a debit or a credit balance account?
It's on the Debit side. A current asset. A = Assets --------DEBIT L = Liabilities -----------------------------CREDIT O = Owner's equity --------------------------CREDIT R = Revenue ---------------------------CREDIT E = expenses --------DEBIT All expenditures in different heads of accounts are debit and all income are credit. for an example, you deposite a certain amount to your correspondence bank. To your company's account register bank account of that certain amount will be debit & your company's account will be credit of that said amount. Credit decreases the normal balance of Office Supplies account.
Is accrued expenses a debit or credit balance?
Debit in your Income statement credit in your balance sheet.
Is withdrawals a debit or a credit?
it is a debit balance because it decreases owner's equity, which has credit balance.
Is outstanding Liabilities can debit balance?
Outstanding liabilities has credit balance as normal balance but it can also be debit balance in case outstanding liabilities has paid more than actual amount of liabilities.
