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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.
On a trial balance what Are the accounts payable?
debit balances
What are accounts payable on a trial balance?
debit balances
Do accrued expense accounts have debit balance?
accrued expense has debit balance like all other expenses.
When you debit an operating expense what account do you debit?
In my opinion, this question is wrong. DR Operating Expense CR Accounts Payable
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.
On a trial balance what Are the accounts payable?
debit balances
What are accounts payable on a trial balance?
debit balances
What are the accounts payable on the trial balance?
debit balances
Definition of contra equity?
Contra Equity refers to an equity account with a normal debit balance, where as other standard equity accounts have normal credit balances. Expense accounts are contra equity accounts because they are used to find totals for a debit of the owner's equity account.
Do accrued expense accounts have debit balance?
accrued expense has debit balance like all other expenses.
When you debit an operating expense what account do you debit?
In my opinion, this question is wrong. DR Operating Expense CR Accounts Payable
Does payroll Expense have a credit or debit account?
Payroll expense is a nominal account and as it is expense account so like all expense accounts it also have debit account.
What report lists accounts and their balances in which the total debit balances should equal the total credit balances?
Trial Balance
What is journal entry of accrual?
debit expense accountcredit accounts payabledebit accounts receivablecredit income
Is advertising expense debit or credit?
As the item says in itself it is an expense and therefore it should be debited.It is one of the rules of the accounts to debit all expenses and losses.
Why may a control account carries both debit and credit balances?
A control account summarizes a set of subsidiary accounts. For example, Accounts receivable may have a control account, representing total Accounts receivable, and also may have a set of subsidiary accounts, representing the amount of Accounts receivable owed by each customer/debtor. The total of all subsidiary accounts must equal the balance of the control account. Control accounts will have debit or credit balances depending on the nature of those accounts. Control accounts for assets, such as Accounts receivable or Fixed assets, will have native debit balances. Control accounts for liabilities, such as Accounts payable, will have native credit balances.
