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:
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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:
Balance Sheet Income statement
Asset Debit Income Credit
Liability Credit Expense Debit
Se Equity Credit
You can probably figure it out from here
Would it be accounts payable
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.
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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