When business receives money in advance....
You can, but you'll still have to pay the balance monthly until it's paid off. Incidentally, if you're closing an account to help your credit, research shows that closing accounts in good standing can often ding your credit.
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
The normal balance in a capital account is a credit. Capital is a balance sheet account. Assets = Liabilities + Capital
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
When business receives money in advance....
You can, but you'll still have to pay the balance monthly until it's paid off. Incidentally, if you're closing an account to help your credit, research shows that closing accounts in good standing can often ding your credit.
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
The normal balance in a capital account is a credit. Capital is a balance sheet account. Assets = Liabilities + Capital
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
Is a credit balance in a vendor subsidiary account an unpaid balance owed?
The Fees Earned account has a credit balance. This means that you credit the account to increase the balance, and debit the account to decrease the balance.
A liability account normally has a credit balance.
The balance of your account is the amount of credit or debit of your account. That is how much you have or how much you owe.
Any credit balance in a vendor subsidiary account ia an unpaid balance owed?