A debit balance in which of the following accounts would indicate a likely error?

Question

Quizplus · Accepted Answer

A debit balance in a liabilities account such as Notes Payable is unlikely, as liabilities are typically credited when they increase. A debit balance would indicate an error, such as incorrectly debiting the account twice or failing to credit it when payment is made. The other options are all expense or asset accounts where a debit balance is expected.

A Debit Balance in Which of the Following Accounts Would