Accountancy, asked by jasminelali662, 9 months ago

Is miscellaneous income debit or credit

Answers

Answered by ibchhetri1980

Explanation:

Account Types

AccountTypeDebitMEDICARE/MEDICAID PAYABLELiabilityDecreaseMISCELLANEOUS EXPENSEExpenseIncreaseNOTES PAYABLELiabilityDecreaseNOTES RECEIVABLEAssetIncrease

Answered by Anonymous

Answer: Asset accounts normally have debit balances, while liabilities and capital normally have credit balances. Income has a normal credit balance since it increases capital . On the other hand, expenses and withdrawals decrease capital, hence they normally have debit balances.

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