Keyword Analysis & Research: balance credit debit

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Frequently Asked Questions

What accounts have debit balances?

A debit balance is an account balance where there is a positive balance in the left side of the account. Accounts that normally have a debit balance include assets, expenses, and losses. Examples of these accounts are the fixed assets (asset) account, wages (expense) and loss on sale of assets (loss) account.

What does it mean to have a debit balance?

The debit balance is the amount owed by an investor to a broker. Often, the balance is associated with the current amount the investor owes that is posted to a margin account. The debt is created due to the purchase of stocks, bonds, and other securities on a margin basis.

What is the difference between a debit and a credit?

The difference between debit and credit can be drawn clearly on the following grounds: Debit refers to the left side of the ledger account while credit relates to the right side of the ledger account. In personal accounts, the receiver is debited whereas the giver is credited.

Does interest receivable have credit or debit balance?

When the actual interest payment is received, the entry is a debit to the cash account and a credit to the interest receivable account, thereby eliminating the balance in the interest receivable account.

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