Profit and Loss Income Statement

Profit and Loss Income Statement

Profit and Loss Income Statement

Am I correct in saying that if a figure appears in brackets in my income statement it refers to a credit?

I think I captured a payment as a deposit received instead of payment made in my cashbook. Learner...

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Apr 08, 2011
Credit to Expenses
by: Stephanie


Thank you for your question.

Expenses have a normal debit balance and so should show as a positive number on the income statement. Typically numbers shown in brackets are referring to a negative balance and in the case of an expense category this would indeed mean that it has a credit balance rather than a debit balance.

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