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Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits.
For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.
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Where does commission received go to in the trial balance?
Debit column
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
Why assets are debit if it is increased?
Assets are real accounts and according to accounting debit and credit rules. Debit what comes in and credit what goes out. Assets has debit account by nature so when there is an increase in assets it is debited to assets accounts Liabilities are credit accounts because these are burden of the business to payback to their original owners that's why if liabilities increases it is credited to liablities accounts because according to rule mentioned above credit what goes out and liabilities are those items which ultimately need to go out from business at the time of dissolution of business. ---- The above so called rule is not accurate. It is entirely inaccurate to say that debit is what comes in and credit it what goes out. This can be proven quickly by looking at expense accounts. An expense to a company is something you "pay out", however all expense accounts have a DEBIT balance and are increased with Debits, not credits. Revenue is a CREDIT account (money received by the company, which is money coming IN) it is increased by a Credit, not a debit. According to the accounting equation Assets = Liabilities + Owners Equity When a company receives money for a service or sale, they will debit cash (to increase) and credit Revenue (to increase). In double entry accounting for every debit there is an equal credit. Assets have a debit balance - Liabilities have a credit balance + owners equity also a credit balance For example, if you have $19,000 in assets (debit balance) you need one or more credit balance accounts that equal this total. This could be for example $19,000 (assets) = $5,000 (liabilities) + $14,000 (owners equity)
Are there any credit card for bad credit no money down never turned down?
if you're looking for a good debit card you can go to rushcard.com and use the referral code moneymaker this is a prepaid visa card you can also get direct deposit on it. there is no credit check and you'll get it within a week. if you want good credit cards or prepaid or debit go to http://www.getgoodcredit.newcreditapplications.com it has major credit card companys and there is something for everyone bad credit no credit business students prepaid everything you're looking for they have and its not hard to get approved i have a few myself.
Does the debit side of Allowance for Bad Debts go down and its credit side goes up?
Correct. Allowance for Doubtful Accounts is a "Contra-Asset" which means it reduces your net assets on the balance sheet. While most assets increase with a debit and decrease with a credit, Contra-assets increase with credits and decrease with debits.
Where does commission received go to in the trial balance?
Debit column
Can I use a debit card for deposits?
Yes, this can be done in conjunction with checks or cash. You would go to the ATM, insert or swipe your card, and choose the deposit option. It will then allow you to insert cash or checks, and it will credit to your account.
How do you buy online from sears?
go to sears.com . note you will need a credit or debit card
Where can one apply for a Credit or Debit card?
You can apply for a credit card almost anywhere. You can choose to go through your bank, or another company, like American Express. Almost all retailers offer a credit card with shopping rewards. To get a debit card, go through your bank.
Where is wii fit sold?
amazon. if you don't have a credit card or debit card then go to walmart or gamestop
What are the disadvantages of reloadable debit cards?
Some disadvantages of reloadable debit cards are that it relaly doensnt help your credit and it is sometimes a hassle to go to the store everytime you have to reload it
What is the accounting journal entries for penalties and interest an taxes?
The accounting journal entries for penalties and interest on taxes will go in the debit and credit columns. You debit the expense account and credit the liability account until the penalties and interest is paid.
What is a card that will not allow you to get into debt?
Prepaid debit cards or debit cards tied into your bank account with no - repeat, NO - overcharge/overdraft protection. Do NOT go for credit cards with annual payments or interest.
Why assets are debit if it is increased?
Assets are real accounts and according to accounting debit and credit rules. Debit what comes in and credit what goes out. Assets has debit account by nature so when there is an increase in assets it is debited to assets accounts Liabilities are credit accounts because these are burden of the business to payback to their original owners that's why if liabilities increases it is credited to liablities accounts because according to rule mentioned above credit what goes out and liabilities are those items which ultimately need to go out from business at the time of dissolution of business. ---- The above so called rule is not accurate. It is entirely inaccurate to say that debit is what comes in and credit it what goes out. This can be proven quickly by looking at expense accounts. An expense to a company is something you "pay out", however all expense accounts have a DEBIT balance and are increased with Debits, not credits. Revenue is a CREDIT account (money received by the company, which is money coming IN) it is increased by a Credit, not a debit. According to the accounting equation Assets = Liabilities + Owners Equity When a company receives money for a service or sale, they will debit cash (to increase) and credit Revenue (to increase). In double entry accounting for every debit there is an equal credit. Assets have a debit balance - Liabilities have a credit balance + owners equity also a credit balance For example, if you have $19,000 in assets (debit balance) you need one or more credit balance accounts that equal this total. This could be for example $19,000 (assets) = $5,000 (liabilities) + $14,000 (owners equity)
CAN YOU Find a credit card for people with bad credit?
if you're looking for a good debit card you can go to rushcard.com and use the referral code moneymaker this is a prepaid visa card you can also get direct deposit on it. there is no credit check and you'll get it within a week. if you want good credit cards or prepaid or debit go to http://www.getgoodcredit.newcreditapplications.com it has major credit card companys and there is something for everyone bad credit no credit business students prepaid everything you're looking for they have and its not hard to get approved i have a few myself.
Can a debit card purchase go through if you run it as credit but don't have funds on card?
No purchase can go through if you don't have funds on the card. Regardless of whether it's a credit or debit card, both have limits that mean the same thing: "You don't have funds, ya' broke toolbox, declined..." The limit for your debit card is a floor of 0, the limit of your non-existent credit card seems to be a ceiling of 0, but could be much higher if you weren't as dense as your question implies you are.
Does a visa pay as you go card build your credit?
no, it does not.Depends - there are pay as you go visa or the so called prepaid debit cards, which have features that allow you to build credit over period. For example - with AccountNow Prepaid Visa or master card: http://www.accountnow.comyou could be eligible to build credit history if you sign up for Direct deposit and bill pay with your debit card, as all your bill payments get reported to the major credit bureaus.
