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Trial balance - debit or credit?

  • 06-07-2016 2:58pm
    #1
    Lollipop95
    Registered Users, Registered Users 2 Posts: 1,278 ✭✭✭


    Hi guys, I am trying to complete some practise questions on the trial balance and I'm finding it a bit confusing on these particular ones:

    Legal fees
    Interest received
    VAT refunded
    PRSI/USC due owed to revenue commissioners

    I am to figure what side of the trial balancs thes would appear on - debit or credit. Would I be right in thinking interest received would be credit side of the trial balance? Thanks in advance for any help!


Comments

  • #2
    Loughc
    Moderators, Business & Finance Moderators, Recreation & Hobbies Moderators Posts: 25,379 Mod ✭✭✭✭Loughc


    Legal fees - Debit
    Interest received - Credit


    VAT refunded - Debit
    PRSI/USC due owed to revenue commissioners - Credit


  • #3
    Lollipop95
    Registered Users, Registered Users 2 Posts: 1,278 ✭✭✭Lollipop95


    Loughc wrote: »
    Legal fees - Debit
    Interest received - Credit


    VAT refunded - Debit
    PRSI/USC due owed to revenue commissioners - Credit

    Thank you so much! :)


  • #4
    ams
    Registered Users, Registered Users 2 Posts: 1,443 ✭✭✭ams


    Debit - asset and expense
    Credit - liability and income


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