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the increase side of an account is also the side of the normal balance
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
All liabilities as well as income accounts has normal credit balance and also profit has credit balance.
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
account payable is also called Bils paybal its show cr balance and it is a liability for the business
Yes capital stock has credit balance as a normal balance so increase is also has credit balance.
the increase side of an account is also the side of the normal balance
the increase side of an account is also the side of the normal balance
COGS is expense account and all expenses has debit balance as default normal balance so COGS also has debit balance.
All liabilities as well as income accounts has normal credit balance and also profit has credit balance.
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
account payable is also called Bils paybal its show cr balance and it is a liability for the business
Sales is a revenue account and all revenues has credit balance as default balance so sales also has credit as default balance while cash or accounts receivable will be debited against it.
Wages and salaries both are expenses to the company and like all expenses normal debit balance these accounts also have debit balance as their normal balance.
Performed services is a revenue account and revenue account has credit balance as normal default balance so services performed also has credit balance.
Paid in capital is liability for business and like all liabilities it also has credit balance as normal balance.
1. As accounts payable is the liability of the company to be paid in future so in this way like all other liabilities accounts balance, accounts payable has also credit balance.