Which of the following accounts have only credit balance?
Accounts payable account
Salaries outstanding account
Reserve fund account
All of the above accounts

Question

Which of the following accounts have only credit balance-Accounts payable accountSalaries outstanding accountReserve fund accountAll of the above accounts

Toppr Admin · Accepted Answer

An accounts assigned normal balance is on the side where increases go because the increases in any account are usually greater than the decreases- Therefore- asset- expense- and owner-apos-s drawing accounts normally have debit balances- Liabilities- revenue- and owner-apos-s capital accounts normally have credit balances-

Which of the following accounts have only credit balance?Accounts payable accountSalaries outstanding accountReserve fund accountAll of the above accounts

Which of the following accounts have only credit balance?
Accounts payable account
Salaries outstanding account
Reserve fund account
All of the above accounts