0
Do you have to pay a credit card which accrued a balance of over 200 dollars if there were no purchases made?
Wiki User
∙ 8y ago
Afraid so..this is how credit card companies make "easy" money. By charging a non-usage fee. Then, if the fee isn't paid, late penalties and interest continue to add up.
Wiki User
∙ 8y ago
Add your answer:
Earn +20 pts
Is accrued expenses a debit or credit balance?
Debit in your Income statement credit in your balance sheet.
Are accrued expenses a debit or credit balance?
credit because it is a liability.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
Is accrued expenses is debit or credit in trial balance?
Accrued expenses are also expenses which are accrued but not paid yet so these are also shown in debit side of trial balance.
Is purchases a normal debit or credit balance?
debit balance
Is accrued expenses a debit or credit balance?
Debit in your Income statement credit in your balance sheet.
Are accrued expenses a debit or credit balance?
credit because it is a liability.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
Is accrued expenses is debit or credit in trial balance?
Accrued expenses are also expenses which are accrued but not paid yet so these are also shown in debit side of trial balance.
Is purchases a normal debit or credit balance?
debit balance
Is purchases a credit or debit?
Purchases are personal account nature and as a basic accounting rule debit what comes in and credit what goes out so purchases has debit balance as normal balance.
What are accrued expenses reported on the balance sheet as?
As you accrue expenses, they show up as a CREDIT on the balance sheet, and a DEBIT on the income statement. Then as you actually incur the expense and pay out, you would CREDIT your cash account, and DEBIT the accrued liability account on the balance sheet. For example, if you expect to spend $12,000/year on business travelling expenses, you would accrue $1000 monthly as a CREDIT to your accrued liability account (on the balance sheet), then a DEBIT to the expense account (on the income statement). When you actually do incur the expense and pay out, you CREDIT your cash account, and DEBIT the accrued liability account. Thus, the accrued liability account is cleared out and eventually washed out to zero.
Does a debit increase purchase discounts?
Purchases account has debit balance as default balance while purchases returns has credit balance as default balance because it is use to reduce the purchases account so debit decreases the purchase discounts while credit increases the purchase discount account.
Is purchasesaccount debit or credit?
Purchases account is personal account in nature and basic rule for personal account is debt what comes in and credit what goes out so purchases is a debit balance as a default balance.
Is sales always credit balance?
Yes, and purchases are always debit.
Is purchase a debit or credit balance?
A purchase you make is a DEBIT against your account.
What is the journal entry for partial cash and credit payments?
[Debit] Purchases [credit] Cash (partial) [credit] accounts payable (balance)
