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Home Q & A Board Other Fields Homework Help Business Accounting
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bravata bravata
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7 years ago
A company has a ten million dollar credit balance in the payable accounts. Given this information, which of the following is a TRUE statement?
A) It is NOT normal for payable accounts to have a credit balance.
B) Not enough information provided, since normal account balances are different for each company.
C) It is ALWAYS normal for payable accounts to have a credit balance.
D) Payable accounts shouldn't be this high, so this is not a normal balance.
Textbook 
Financial Accounting

Financial Accounting


Edition: 3rd
Authors:
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antonio_johnantonio_john
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7 years ago
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Massachusetts Institute of Technology
-- Accounting

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bravata Author
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#2
6 years ago
Thank you so much

I wish I knew about this years ago
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