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Revenue is an Owners Equity account therefore has a Credit Balance:
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∙ 14y ago
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What balances have debit or credit balance?
Assets, Expenses and Losses have native debit balances. Liabilities, Stockholders' equity, Revenues, and Gains have native credit balances.
Is rent revenue credit or debit?
All revenues has credit balances as default balance like wise rent revenue also has credit balance as default balance instead of debit balance because all expenses has debit as default balance.
Is a debit required for a decrease in liabilities?
Yes. Liabilities have credit balances, so a debit will reduce a credit balance.
Which account decreases when debit?
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
is revenue debit and expense credit?
No all revenues has credit balance as default balance while all expenses has debit balance as default normal balance.
What balances have debit or credit balances?
Assets, Expenses and Losses have native debit balances. Liabilities, Stockholders' equity, Revenues, and Gains have native credit balances.
What balances have debit or credit balance?
Assets, Expenses and Losses have native debit balances. Liabilities, Stockholders' equity, Revenues, and Gains have native credit balances.
Is rent revenue credit or debit?
All revenues has credit balances as default balance like wise rent revenue also has credit balance as default balance instead of debit balance because all expenses has debit as default balance.
Is a debit required for a decrease in liabilities?
Yes. Liabilities have credit balances, so a debit will reduce a credit balance.
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
Which account decreases when debit?
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
is revenue debit and expense credit?
No all revenues has credit balance as default balance while all expenses has debit balance as default normal balance.
Is wages and salaries expense a debit or credit?
All kind of expenses have debit balances so wages and salaries expenses have also debit balance instead of credit balance.
What is the relationship between balance sheet and trial balance?
A balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Trial balance lists the debit, credit accounts for a given ledger for a month. Trial balance is created in two columns one with all the debit balances and the other with all the credit balances. If the total of the debit column does not equal the total of the credit column then there is an error in the ledger accounts. The assets, expenses will be recorded under the debit balances. Liabilities, equity and revenue will be recorded under the credit balances.
Is service revenue a debit?
Revenues has credit balance as default balance and as services revenue is also a revenue account it means it should have credit balance as well and not a debit balance.
Is depreciation allowed a debit or credit?
Depreciation is expense and like all other expense it also has debit balance as default balance and all revenues has credit balance as default balance.
Is interest earned a debit or credit?
All earnings and revenues has credit balance as normal balance so interest earned also has credit balance as default normal balance.
