What is credit balance, Accounting Basics

Assignment Help:

Q. What is credit balance?

If on the other side the sum of the credits exceeds the sum of the debits the account has a credit balance. For example assume that a company has an Accounts Payable account with a total of USD 10000 in debits and USD 13000 in credits. The account contained a credit balance of USD 3000 as shown in the following T-account Normal balances ever since debits increase expense, asset and dividend accounts they usually have debit or left-side balances. On the contrary for the reason that credits increase retained earnings, liability capital stock and revenue accounts they normally have credit or right-side balances.


Related Discussions:- What is credit balance

State about the cash payments journal, State about the Cash payments journa...

State about the Cash payments journal A special journal used to record any payment of cash. There would be a check number given to be recorded in journal as well. Source docume

Define bear market, Bear Market Bear market is a market in which stock...

Bear Market Bear market is a market in which stock prices are expected to fall.

Illustrate exchange-price concept, Q. Illustrate Exchange-price concept? ...

Q. Illustrate Exchange-price concept? Exchange-price (or cost) concept (principle). The majority of the amounts in an accounting system are the objective money prices determine

Different depreciation methods, Different Methods Of depreciation Dimini...

Different Methods Of depreciation Diminishing Value Method Straight Line Method Annuity Method Depletion Method Written Down value Method

Rectification of error, dividend received rs 100was posted to debit to divi...

dividend received rs 100was posted to debit to dividend account. the rectification entry n will be what?

The comparative statements of lucille company are presented, The comparativ...

The comparative statements of Lucille Company are presented here. LUCILLE COMPANY Income Statements For the Years Ended December 31 First number are 2012 2012 then 2011

An asset''s cost includes all normal and reasonable, An asset's cost includ...

An asset's cost includes all normal and reasonable expenditures necessary to get the asset in place and ready for its intended use. 01.) True 02.) False True or Fals

Meaning of periodic review, Ordering inventory at a regular and set time in...

Ordering inventory at a regular and set time interval

Help with journalizing payroll transactions and filling, help with journali...

help with journalizing payroll transactions and filling on the cash payments journal, may 15, paid cash for april's payroll tax liability. withheld taxes from april payrolls; emp

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd