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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 net income a debit or credit?
does net income have a normal debit or credit balance
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
Does the journal entry to close a drawing account debit drawings and credits income summary?
debit owners capitalcredit drawings account
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.
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 net income a debit or credit?
does net income have a normal debit or credit balance
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
Does the journal entry to close a drawing account debit drawings and credits income summary?
debit owners capitalcredit drawings account
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.
Is wages due debit or credit?
wages is expense and expense is debit salary is income and income is credit
Is the income from rent a credit or a debit?
Credit
What is the journal entry when the owner withdraw his asset?
Drawings A/c (debit) TO Asset A/c (credit)
Is Fees income a credit or debit balance?
credit
Is revenue a credit or debit?
Revenue is income or a credit.
What is the journal of Dividend Income?
If dividend income received: Debit Cash / bank Credit Dividend income If dividend income receivable: Debit Dividend income receivable Credit Dividend income
What is the journal entry to record accrued interest on a mortgage?
(debit) interest income (credit) (debit) interest income (credit)
