Liability, revenue, and equity accounts each follow rules that are the opposite of those just described. Credits increase liabilities, revenues, and equity, while debits result in decreases. These accounts normally carry a credit balance.
What are credit balance accounts?
A credit balance on your billing statement is an amount that the card issuer owes you. Credits are added to your account each time you make a payment. ... If the total of your credits exceeds the amount you owe, your statement shows a credit balance. This is money the card issuer owes you.2020-08-28
What does it mean if an account has a credit balance?
A credit balance on your billing statement is an amount that the card issuer owes you. Credits are added to your account each time you make a payment. ... If the total of your credits exceeds the amount you owe, your statement shows a credit balance. This is money the card issuer owes you.2020-08-28