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-   -   Credit balance (https://www.askmehelpdesk.com/showthread.php?t=252087)

  • Aug 23, 2008, 10:10 AM
    kekebrown
    Credit balance
    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:
  • Aug 23, 2008, 06:29 PM
    lwelch
    Balance Sheet Income statement
    Asset Debit Income Credit
    Liability Credit Expense Debit
    Se Equity Credit
    You can probably figure it out from here
  • Aug 23, 2008, 06:42 PM
    kekebrown
    Would it be accounts payable
  • Aug 23, 2008, 06:49 PM
    lwelch
    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.
  • Sep 3, 2008, 11:41 AM
    AdamUTsel
    It's the expense.

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

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