credit card payable account?

Question

I have credit cards under current liabilities that where never established correctly. some of the accounts have 0 balances now but on the balance sheet they are negative balances.
which account do I offset this account with??

Please help!

Answer 1

Negative balances in liabilities means that you have debit balances, right? To remove them, take them to expenses. If you can, identify which entries gave rise to the negative balances. Then credit them to make the balance 0, and debit the respective expense a/cs, most probably travelling and entertainment.