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What does mdc mean on a bank statement'?
miscellaneous debit & credit
Is a bank overdraft debit or credit?
The answer will appear on the statement in re, meaning that it is a negative or credit value.
Is bank a debit or credit?
The answer will appear on the statement in re, meaning that it is a negative or credit value.
When do you have suspense in the bank reconciliation statement?
when debit and credit column is not match of bank account
Why is the balance as per bank statement on the bank reconciliation statement a credit if its a favorable balance but in the bank account the credit means you owe the bank money?
The Debit and Credit on a bank statement reflect the Bank's accounting records, not yours. So when you deposit money into your account, the bank owes you that money to you - it is a liability for them, therefore a credit entry. Similarly, if they charge you a bank fee, it reduces their liability to you, so they would Debit your account (on their books) and Credit an Income account.
Why does your bank statement show a credit for an increase in your cash balance?
It's because the bank statement is written from the POV (bank's point of view). In the double entry system, a debit entry is an increase in an asset or expense/decrease in income or a liability while a credit entry is an increase in a liability or income/decrease in an asset or expense. When you pay money into the bank this increases the amount the bank owes you or decreases the amount you owe the bank. From the bank's point of view this means an increase in the amount they owe you (their liabilities have increased) or a decrease in the amount you owe them (their assets have decreased). Hence, an increase in your cash balance at the bank is a credit entry on the statement your bank sends you.
What are some journal entries?
Example of journal entries are as follows: 1 - Start of business [Debit] Cash /bank / goods [Credit] owners equity 2 - Purchase of asset [Debit] Asset account [Credit] Cash / bank 3 - Increase of capital [Debit] Cash / bank [Credit] Owners equity 4 - Decrease in capital [Debit] Treasury Stock [Credit] Cash / bank
Accompanying the bank statement was a debit memorandum for bank service charges what entry is required in the depositor's account?
increase cash, increase accounts payable
How do you pass an entry to record increase capital?
[Debit] Cash / bank [Credit] Share capital
Is cash in bank debit or credit?
Debit
A debit or credit memo describing entries in the company's bank account may be enclosed with the bank statement An example of a credit memo is?
a promissory note left for collection
Bank overdraft is in debit or credit side?
credit side
