In these circumstances, after the consolidation at county level of the current account, its debit balance
reflects liquidities (surplus) of resources and the credit balance reflects payments made exceeding the Treasury resources (deficit) in the county plan.
Also the account of other benefits as at 31/12/2012, showed a debit balance
of EUR 10 mln, because the amount of payments (grants, aids, benefits) significantly exceeded the total revenues and reserves.
The supplier account ought to show a credit balance of $57,200, with a corresponding debit balance
in the delivery vehicle cost account, and the expense entry must be cleared:
"We will arrange the transfer of the credit balance to off-set the debt and if there is any remaining debit balance
it will be withdrawn.
CREDIT BALNCE ACCOUNTS ACCOUNTS Assets Liabilities Expenses Equity Losses Revenue Gains Specific transactions, commonly referred to as "journal entries," may adjust a debit or credit type account.
I definitely have a debit balance
in my music equity account," he says.
Postpone the holiday booking and wait until summer, maybe, when the debit balance
Their smart mortgage offers variable interest rates of just 4.75 per cent (4.9 APR), with loans costing even less if borrowers offset the debit balance
of the loan against any credit balance.
There is no interest on a debit balance
and no repayment schedule, but members are expected to bring their account balances back to zero.
The taxpayer argued that the deduction for taxes was proper under generally accepted accounting principles; however, the Board held that the actual taxes paid that exceeded back taxes and led to a debit balance
in the "company's deferred taxes" account could have been paid in one year or many years prior to the tax year in question.
In that case, the partner must contribute enough cash to the partnership to eliminate any debit balance
in his or her capital account.
Since each expense account has been described as having a normal debit balance
, the accounts are added together to arrive at an amount for total expense on the income statement.