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A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
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.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
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.
Does sales have a normal debit balance?
No, Sales would normally have a credit balance.
A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
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.
Which account would be closed by posting a debit to the account?
The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
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.
Would equipment normally have a credit balance?
No, but it would have a value.
Does sales have a normal debit balance?
No, Sales would normally have a credit balance.
What does it mean if an account has an exceptional balance?
From the grade 11 text book, occassionally an account that would normally have a debit balance, ends up having a credit balance or vise versa not because of a mistake. There is a reason the account ends up with opposit of the normal, for example, if you over pay an account payable, or a customer returns unsatisfactory merchandise for credit.
Expenses are to be debit or credit?
An Expense would normally have a debit balance.
Is bonds payable normally debit or credit?
Bonds Payable would be a liability and therefore normally maintain a credit balance.
Does interest revenue have a normal debit balance?
No, Interest Revenue is income and would normally have a credit balance.
What accounts would normally have a credit balance?
no email acont thats stupid
Is a contra account a debit or credit account?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
