Asked by DR KARAM OTAIBI on Apr 29, 2024
Verified
Which of the following accounts usually has a debit balance?
A) Accounts Payable
B) Sales Tax Payable
C) Sales
D) Inventory
Debit Balance
A financial situation where the total debits exceed the total credits in an account, resulting in a positive account balance.
Inventory
Assets held for sale in the ordinary course of business, as well as materials and supplies used in producing goods available for sale.
- Identify the differences in the chart of accounts for businesses in merchandising compared to service sectors.
Verified Answer
ZK
Zybrea KnightMay 02, 2024
Final Answer :
D
Explanation :
Inventory accounts usually have a debit balance since they represent assets that are owned by the business.
Learning Objectives
- Identify the differences in the chart of accounts for businesses in merchandising compared to service sectors.
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