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What does minus credit mean?

What does minus credit mean?

A negative balance on a credit card means your credit card company owes you money, rather than the other way around. In other words, you’ve paid more than your total balance due.

What do you mean by credit balance?

A credit balance on your billing statement is an amount that the card issuer owes you. Credits can also be added to your account because of rewards you have earned or because of a mistake in a prior bill. If the total of your credits exceeds the amount you owe, your statement shows a credit balance.

Which account has a credit balance?

A credit balance is normal and expected for the following accounts: Liability accounts such as Accounts Payable, Notes Payable, Wages Payable, Interest Payable, Income Taxes Payable, Customer Deposits, Deferred Income Taxes, etc. Hence, a credit balance in Accounts Payable indicates the amount owed to vendors.

Which of the following account has a credit balance?

Therefore, asset, expense, and owner’s drawing accounts normally have debit balances. Liabilities, revenue, and owner’s capital accounts normally have credit balances.