0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is net income a debit or credit?
does net income have a normal debit or credit balance
Does listing commission income have a debit or credit balance?
credit
Is accrued expenses a debit or credit balance?
Debit in your Income statement credit in your balance sheet.
Which type of account has a normal credit balance?
All liabilities as well as income accounts has normal credit balance and also profit has credit balance.
Does an expense normally have a credit or debit balance?
Expenses maintain a debit balance. They are opposite accounts to Revenue which maintains a credit balance. Gross Income (Gross Revenue) - Expenses = Net Income
Is Fees income a credit or debit balance?
credit
Is earned income nomal balance a debit?
All incomes has credit balance as a default normal balance so earned income also has credit balance as default normal balance.
Is net income a debit or credit?
does net income have a normal debit or credit balance
Does listing commission income have a debit or credit balance?
credit
Is accrued expenses a debit or credit balance?
Debit in your Income statement credit in your balance sheet.
Is net income recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column?
debit column of the income statement and the credit column of the balance sheet.
Which type of account has a normal credit balance?
All liabilities as well as income accounts has normal credit balance and also profit has credit balance.
Does an expense normally have a credit or debit balance?
Expenses maintain a debit balance. They are opposite accounts to Revenue which maintains a credit balance. Gross Income (Gross Revenue) - Expenses = Net Income
Do expenses have credit or debit?
All expenses has debit balance as normal default balance while all income has credit balance as normal default balance.
Why equity account have a credit balance?
Because equity is an income - therefore it is a credit, not a debit.
Is interest income is debit or credit?
Interest income would be a credit entry, as it increases a form of revenue. If the interest income is received in cash, the entry would be: Dr Cash Cr Interest income If the income was not yet received but will be at a later date, the entry would be: Dr Interest receivable Cr Interest income In either case, the Interest income account would be credited.
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
