Accounting for IGCSE & O level - Accounting Procedures (Section 13 - No. 44)
In the context of a Purchases Ledger Control Account, what does a credit balance mean?
The supplier overpaid the business.
The business is owing money to the supplier.
The business has overpaid the supplier.
The supplier is still owed money.
Explanation
If the company overpays the supplier, there will be a credit balance.
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