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If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
The normal balance in a capital account is a credit. Capital is a balance sheet account. Assets = Liabilities + Capital
It could be possible for the cash account to have a negative balance. This could occur if they wrote a check out for more money than they have. This would not be a good situation for a company!
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
No, However it may be possible to pay off your debt with a credit card.
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
The normal balance in a capital account is a credit. Capital is a balance sheet account. Assets = Liabilities + Capital
It could be possible for the cash account to have a negative balance. This could occur if they wrote a check out for more money than they have. This would not be a good situation for a company!
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
I was looking for the answer to a similar question with regard to brought forward figures, luckily i know the answer to this one, my accountant told me to create a new account called bank brought forward, and then you credit it to that account. Hope this helps.
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
A liability account normally has a credit balance.
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.