What would you like to do?
When you rendered services on account what accound do you debit?
It means you have spent more money than you have in your bank account and that you therefore own the bank money - if you have not arranged for this by obtaining an overdraft, …the bank is going to get very upset by this and they will place charges and a heavy interest on your account. You need to pay the bank back very quickly !.
creditors have debit balances as advances receive from creditors..........
There are three Golden Rules for Debit & Credit, whole accounting is depend on these three rules :- 1. Debit what comes in & Credit what goes out. 2. Debit the receiver & Cred…it the giver. 3. Debit all loss/expenses & Credit all gains/profits. Regards Jawad increase in asset is debit & decrease in asset is credit The above rules do not always apply, It is not as simple as Debit is what comes in and Credit is what goes out. If you pay a bill, yes you "Credit" the cash that is going out, but you also Debit the expense account (the opposite side). The basic rules are, for every Debit there must be an equal Credit and (of course) for every Credit there must be an equal Debit. Debits and Credits MUST BALANCE, ALWAYS! The terms Debit and Credit literally mean Debit = Left side of the accounting columns Credit = Right side of the accounting columns Also look at Revenue, if you GET money for doing a job or selling a product, there are TWO Sides that must Equal, if you receive cash you (Debit) Cash, but at the same time you must also (Credit) Income (Revenue). Assets increase with a Debit (as do expense accounts) Liabilities increase with a Credit (as do Owners Equity or Capital accounts)
Financial Products and Services Equipment Financing Receivables Financing Inventory Financing Finance Lease Operating Lease Money Market
How does receiving a bill to be paid next month for services rendered affect the accounting equation?
assets increase; liabilities increase
I would need more information to answer this question. What is the reporting unit (e.g., a for-profit corporation, a non-profit, a governmental entity). Are the services charg…ed or free of charge?
Depend on who perform the services. 1.if it is do by the business is debt becos he will be paid 4 it and money comes. 2.credit if the pays other person 4 the service
The major services offered by wholesalers to the producers of goods and services are given as below: (i) Facilitating large scale production: Wholesalers collect small orders …from number of retailers and pass on the pool of such orders to manufacturers and make purchases in bulk quantities. This enables the producers to undertake production on a large scale and take advantage of the economies of scale. (ii) Bearing risk: The wholesale merchants deal in goods in their own name, take delivery of the goods and keep the goods purchased in large lots in their warehouses. In the process they bear lots of risks such as the risk of fall in prices, theft, pilferage, spoilage, fire, etc. To that extent, they relieve the manufacturers from bearing these risks. (iii) Financial assistance: The wholesalers provide financial assistance to the manufacturers in the sense that they generally make cash payment for the goods purchased by them. To that extent, the manufacturers need not block their capital in the stocks. Sometimes they also advance money to the producers for bulk orders placed by them. (iv) Expert advice: As the wholesalers are in direct contact with the retailers, they are in a position to advice the manufacturers about various aspects including customer's tastes and preferences, market conditions, competitive activities and the features preferred by the buyers. They serve as an important source of market information on these and related aspects. (v) Help in the marketing function: The wholesalers take care of the distribution of goods to a number of retailers who, in turn, sell to large number of customers spread over a large geographical area. This relieves the manufacturers of many of the marketing activities and enable them to concentrate on the production activity. (vi) Facilitate continuity: The wholesalers facilitate continuity of production activity throughout the year by purchasing the goods as and when these are produced. (vii) Storage: Wholesalers take delivery of goods when these are produced in factory and keep them in their godowns/warehouses. This reduces the burden of manufacturers of providing for storage facilities for the finished products.
"For services rendered" is a more formal way of saying "for work done". Slightly better grammar too.
Rendering services on account increases accounts receivable, as well as equity (retained earnings) For example, a company has provided cleaning services for an amount of $200;… the customer is allowed a three week credit assets = liabilities + equity accounts receivable (assets): increases with +200 retained earnings (equity): increases with + 200 +200 = +200
What are the services rendered by commercial bank. The two essential functions of a commercial bank may best by summarized as the borrowing and the lending of money
Abbreviation for Debit Debit is seen as Dr in accounting. Credit is Cr. They stand for Debit Record and Credit Record.
Either you can consider purchase is an expense and a debit balance or an asset an a debit balance
Yes. And Liabilties are increased by credits.