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...
icon
Related questions
Question
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
Expert Solution
steps

Step by step

Solved in 3 steps

Blurred answer
Recommended textbooks for you
College Accounting (Book Only): A Career Approach
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
Personal Finance
Personal Finance
Finance
ISBN:
9781337669214
Author:
GARMAN
Publisher:
Cengage
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,