credit or debit balance?

System
System Posts: 100,534 🤖 Admin 🤖
edited 10:23AM in AAT student discussion
Could someone set me straight on the answer to this question, i thought vat but anyway....<BR><BR>Nmae a main account in the trial balance that could have either a dr or cr balance.<BR><BR>Am i right, is their any others?<BR><BR>Also I was doing a past paper and i came across a customer account with a credit balance, i think it was because it had a large sales refund, can a customer account have a CR balance?<BR><BR>

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  • System
    System Posts: 100,534 🤖 Admin 🤖
    credit or debit balance?

    What about the bank account dr = money in cr = overdrawn.<BR>
  • System
    System Posts: 100,534 🤖 Admin 🤖
    credit or debit balance?

    Hi<BR><BR>The 2 accounts which can have debit or credit balances are the VAT and Bank account, and yes if a customer has paid their account up-to-date (or paid a large amount off of it), and then errors were found which required a credit note the account can have a credit balance.<BR><BR>Good luck for tomorrow if you're taking the exam!!<BR><BR>Tracy

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