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kekebrown
Aug 23, 2008, 10:10 AM
A credit balance in which of the following would indicate a likely error?

a. fees earned
b. salary expense
c. capital stock
d. accounts payable

:confused:

lwelch
Aug 23, 2008, 06:29 PM
Balance Sheet Income statement
Asset Debit Income Credit
Liability Credit Expense Debit
Se Equity Credit
You can probably figure it out from here

kekebrown
Aug 23, 2008, 06:42 PM
Would it be accounts payable

lwelch
Aug 23, 2008, 06:49 PM
a. Fees earned - reveune - credit
b. salary expense - expense - debit
c. capital stock - se equity - credit
d. accounts payable - liabilty - credit

I included an attachment with shortcut you can use for reference. I memorized it and it helped me throughout college.

AdamUTsel
Sep 3, 2008, 11:41 AM
It's the expense.

The have a credit balance in your expense account would assume the employees paid you for their work.