A company has a ten million dollar credit balance in the payable accounts.Given this information,which of the following is a TRUE statement?
A) It is NOT normal for payable accounts to have a credit balance.
B) Not enough information provided,since normal account balances are different for each company.
C) It is ALWAYS normal for payable accounts to have a credit balance.
D) Payable accounts shouldn't be this high,so this is not a normal balance.
Correct Answer:
Verified
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