Asked by Julian Ortiz on Jul 17, 2024
Verified
An account is said to have a debit balance if:
A) the footing of the debits exceeds the footing of the credits.
B) there are more entries on the debit side than on the credit side.
C) its normal balance is debit without regard to the amounts or number of entries on the debit side.
D) the last entry of the accounting period was posted on the debit side.
Debit Balance
Refers to the balance remaining in a financial account where debts or expenses exceed the credits or revenues.
Footing
Footing is the process of summing up the numerical values in an accounting column to determine the total, typically as a preliminary step in the preparation of financial statements.
- Familiarize yourself with the core ideas of debits and credits in accounting.
Verified Answer
JL
Jahmela LawrenceJul 22, 2024
Final Answer :
A
Explanation :
A debit balance occurs when the total of the debit entries in an account exceeds the total of the credit entries. The number of entries or the side of the last entry does not determine the balance of an account.
Learning Objectives
- Familiarize yourself with the core ideas of debits and credits in accounting.