Limited edition.
what is the statue of limitation in Illinois for credit 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.
All expenses has debit balance as normal default balance while all income has credit balance as normal default balance.
All assets and expenses has debit side as default side while all incomes and liabilities have credit side as default.
No all revenues has credit balance as default balance while all expenses has debit balance as default normal balance.
what is the statue of limitation in Illinois for credit 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.
No all revenues has credit balance as default balance while all expenses has debit balance as default normal balance.
All expenses has debit balance as normal default balance while all income has credit balance as normal default balance.
All assets and expenses has debit side as default side while all incomes and liabilities have credit side as default.
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
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.
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.
Cash is a current asset of business and like all other current assets which has debit balance as default normal balance cash also has debit balance.
Building is an asset for business which is used for generating revenue for more than one fiscal year and like all assets which has debit balance as normal default balance building also has debit balance.
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.
Purchases account has debit balance as default balance while purchases returns has credit balance as default balance because it is use to reduce the purchases account so debit decreases the purchase discounts while credit increases the purchase discount account.