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All payable maintain a credit balance. A payable is a liability account and therefore like a liability does increase with a credit and decrease with a debit.
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∙ 13y ago
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Where does sales tax payable on the balance sheet go?
Sales tax payable is a current liability and is presented on the credit side of the balance sheet-
Is product sales normally debit or credit?
Sales revenue has a credit balance as a normal balance so product sales also has credit balance as normal balance.
Does sales have a normal debit balance?
No, Sales would normally have a credit balance.
Sales is what type of account?
Sales is a revenue account and has a credit balance as a normal balance.
Is sales a credit or debit?
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
Sales Returns and Allowances normal balance?
credit
What is the difference between credit sales and accounts payable?
Credit sales referes to sales and accounts payable referes to bank
What is type of sale?
Sales is a revenue account and has a credit balance as a normal balance.
Does sales returns and allowances have normal credit balance?
No sales returns and allowances has debit balance as a normal balance because these accounts are contra to actual sales account and that's why account balance is reverse of actual sales account.
Is sales a debit balance?
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.
Which accounts normally have credit balances?
All liabilities as well as sales account has credit balance as normal accounting balances.
Will a debit increase sales?
Sales has credit balance as default balance so it means only credit can increase the sales and that;s why all debit reduces the sales because it is reverse of credit balance.
