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Question
The credit balance of a personal account shows ______________.
The credit balance of a personal account shows ______________.
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Solution
The correct option is B The amount payable
The
debit balance of a personal account indicated debt owing by the
person and credit balance indicates debts owing to the person
concerned. For the business, the first one is account receivable or
asset, while the second is accounts payable or liability.
The debit balance of a personal account indicated debt owing by the person and credit balance indicates debts owing to the person concerned. For the business, the first one is account receivable or asset, while the second is accounts payable or liability.
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