Is Utilities Expense a credit or a debit or both?

Q: What is the purpose of income crediting?

A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…

Q: hat is the difference between a nominal account and a real account?

A: Accounting transactions for a separate fiscal year are recorded in a nominal account. Accounting…

Q: What are receivables credits? Please explain.

A: Receivable refers to the assets of the company created due to sale of goods and service on credit to…

Q: What is a payable bill?

A: There are three account types in accounting, that are real account, nominal amount and personal…

Q: What account is the contra account of Account Receivable?

A: Contra asset account is shown as deduction from the assets in the balance sheet. Increase in Contra…

Q: Do the terms debit and credit signify increase or decrease, or can they signify either? Explain.

A: Debit: A debit, in an accounting term refers to the left side of an account. The term debit can be…

Q: What is the difference between liabilities and assets?

A: The balance sheet represents the financial position of the business with assets and liabilities at…

Q: Diffrence between debit and credit ?

A: Debit and credit are two sides of general ledger account. For some accounts, debit means increase…