An Account Will Have a Credit Balance If the

question 21

Multiple Choice

An account will have a credit balance if the

• A) last transaction entered was a credit.
• B) first transaction entered was a credit.
• C) debits exceed the credits.
• D) credits exceed the debits.

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Definitions:

Accrued Expenses

All unpaid financial obligations incurred by an organization.

Taxes Payable

Liabilities owed to the government or other authorities, usually within one year, arising from taxable activities or transactions.