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All liabilities as well as sales account has credit balance as normal accounting balances.
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∙ 10y ago
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What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
What is normal balance of liability accounts?
Liabilities are typically credit balances
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
Does accounts receivable normally have a credit balance?
no
Which of the following accounts are expected to have normal credit balances?
Income, Liabilities Capital/Funds
Which of the following groups contain only accounts that normally have credit balances?
Salaries Expense and Account Payable
What accounts will normally maintain a credit balance prepaid taxes interest income rent expense equipment?
Prepaid taxes and equipment are asset accounts, so would normally have a debit balance. Rent expense is an expense account, so would normally have a debit balance. Liability, equity, and income accounts normally have credit balances.
WHAT is normal balance of accounts payable?
credit balances
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
What is normal balance of liability accounts?
Liabilities are typically credit balances
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
Does accounts receivable normally have a credit balance?
no
Which of the following accounts are expected to have normal credit balances?
Income, Liabilities Capital/Funds
Should I close all old credit card accounts that have 0 balances?
yea if you dont want bad credit
Which normally has a credit balance - accounts receivable or notes payable?
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.
Do expense accounts normally have a credit balance?
yes
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.
