A credit balance on a ledger account indicates……… a.an asset or expense b.a liability or an expense c.an amount owing to the business d.a liability or income
A credit balance on a ledger account indicates……… a.an asset or expense b.a liability or an expense c.an amount owing to the business d.a liability or income
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter5: Closing Entries And The Post-closing Trial Balance
Section: Chapter Questions
Problem 5DQ: What is the purpose of the Income Summary account? How does it relate to the revenue and expense...
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A credit balance on a ledger account indicates………
a.an asset or expense
b.a liability or an expense
c.an amount owing to the business
d.a liability or income
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