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WAEC Financial Accounting 2013 Question 25

Question 25

Double Entry and the Ledger

Which of the following accounts has a credit balance?

  1. A.Return inwards account
  2. B.Machinery account
  3. C.sales account
  4. D.Cash account
Show the answer and explanation

Answer: C (sales account)

Explanation

Sales is an income, so its account has a credit balance. The others are assets or expense-type accounts with debit balances.