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What else can I help you with?
Can an unpaid balance on auto insurance effect your credit?
Unpaid balances owed to insurance companies will be sent to collection agencies and will count against your credit.
WHAT is normal balance of accounts payable?
credit balances
Which accounts normally have credit balances?
All liabilities as well as sales account has credit balance as normal accounting balances.
What balances have debit or credit balance?
Assets, Expenses and Losses have native debit balances. Liabilities, Stockholders' equity, Revenues, and Gains have native credit balances.
What is the purpose of the adjusted trial balance?
The adjusted trial balance is a document that shows the total amount of debit balances against the total amount of credit balances. This is not considered a financial statement since it is only used as an internal document.
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
Is your balance on a consolidation loan calculated based on outstanding balances or revolving credit?
The balance on a consolidation loan is based on the outstanding balances of your debt, not on the total amount of your revolving credit lines.
Is purchase a debit or credit balance?
A purchase you make is a DEBIT against your account.
Do revenues have a credit or debit balances?
Revenue is an Owners Equity account therefore has a Credit Balance:
What is normal balance of liability accounts?
Liabilities are typically credit balances
What is the relationship between balance sheet and trial balance?
A balance sheet or statement of financial position is a summary of the financial balances of a sole proprietorship, a business partnership or a company. Trial balance lists the debit, credit accounts for a given ledger for a month. Trial balance is created in two columns one with all the debit balances and the other with all the credit balances. If the total of the debit column does not equal the total of the credit column then there is an error in the ledger accounts. The assets, expenses will be recorded under the debit balances. Liabilities, equity and revenue will be recorded under the credit balances.
What is the normal balance of an account in the accounts payable subsidiary ledger?
Accounts receivables has debit balance as normal balance of account and shown in current assets in balance sheet.
