Definition of Credit BalanceIn accounting and bookkeeping, a credit balance is the ending amount found on the right side of a general ledger account or subsidiary ledger account. Show
Examples of Credit BalancesA credit balance is normal and expected for the following accounts:
Which of the following accounts would normally have a credit balance?Accounts Payable, Service Revenue, Common Stock.Salaries Payable, Deferred Revenue, Delivery Expense.Income Tax Payable, Service Revenue, Dividends.Cash, Repairs and Maintenance Expense, Dividends. Which of the following accounts normally has a credit balance?An increase to an asset account is shown with a ______________. An increase to a liability account is Get answer to your question and much more shown with a ______________.Which one of the following accounts will have a credit balance? Get answer to your question and much more Get answer to your question and much more Assume that cash is paid for rent to cover the next year. The appropriate debit and credit are:Debit Rent Expense, credit Cash.Debit Prepaid Rent, credit Rent Expense.Debit Prepaid Rent, credit Cash.Debit Cash, credit Prepaid Rent. Daniel Dino Restaurant owes employees' salaries of $15,000. This would be recorded as: Get answer to your question and much more Bostel wanted to expand the size of its warehouse in order to generate more profits. The companydecided to purchase the building adjacent to its existing warehouse. The company pays for the buildingby borrowing from the bank. The purchase would be recorded as: Get answer to your question and much more Which of the accounts are decreased on the debit side and increased on the credit side? Get answer to your question and much more 58.Revenuesincrease retained earning,thereore,to increase any revenue,one would creditrevenue account.59.the cost of equipment IS TYPICLLY recorded as asset while the cost of repairs is typicallyrecorded an expense60.Marcy receive cash in advance from customers for services to be performed in the followingyear. This transaction would cause.Expense reduce net income and therefore reduce thea mount of retained earnings, a stockholders’equity account.An increase in expenses decreases net income,which decreases retained earnings,which decreastotal stockholders equity.ExpensesNet incomeRetained Earnings Get answer to your question and much more 61.How is deferred revenue classifies on the balance sheet ? Get answer to your question and much more 62.What is the effect of expenses n stockholder’s equity? Get answer to your question and much more 63.Where is the deferred revenue account reported in the financial statements? Get answer to your question and much more 64.The purpose of a trial balance is to …assist in preparing adjusting entriesassist in preparing financial statementsensure debits equals credits.65.income statements accounts located revenues,expenses Get answer to your question and much more 67.Account receivable are: Get answer to your question and much more 68.promissory note.recording tis transaction will include a : Get answer to your question and much more 69.When cash is received in advance for services to be performed at a later date,an asset isincreased anda liability is increased. Which accounts normally have credit balance?Revenue, liability, and retained earnings normally have credit balances (retained earnings are part of equity). When these accounts increase, they are credited and thus would normally have a credit balance. On the other hand, assets and expense accounts normally have debit balances.
Which items are credited in trial balance?The accounts reflected on a trial balance are related to all major accounting items, including assets, liabilities, equity, revenues, expenses, gains, and losses. It is primarily used to identify the balance of debits and credits entries from the transactions recorded in the general ledger at a certain point in time.
Which three of the following nominal ledger accounts would normally have a credit balance on a trial balance?The trial balance will then ensure that every transaction has both a debit and a credit entry. Any asset or expense accounts should show a debit balance. Whereas the liabilities, revenue, and equity accounts should have a credit balance.
Which of the following accounts normally has a credit balance quizlet?20. Which of the following accounts normally has a credit balance? Rationale:Assets, dividend, and expense accounts normally have debit balances, whereas liabilities, common stock, and revenue accounts normally have credit balances.
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Which of the following accounts would normally have a credit balance on the trial balance?
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