If an item is bought by credit will it be a journal entry?
Debit item purchased
Credit accounts payable
Sales tax is not included in gross sales. For example when an item is sold for a total of $105 including $5 in sales tax the proper journal entry is a debit of $105 to cash, credit of $100 to sales, and a $5 credit to the sales tax payable account. The liability for sales tax should appear on the balance sheet.
First you have to understand the nature of the transaction, and be aware of any special rules for recording the given transaction. When the transaction is recorded in the accounting records as a journal entry, total debts must be equal to total credits for the journal entry. Generally, if a transaction involves the acquisition of an asset or the incurring of an expense, a debit for the amount of the transaction (usually its cost) is…
You are having trouble getting HSBC to remove an item on your credit reports that was paid in full years ago They say there is nothing they can do except report the item Paid in Full to the credit bur?
If you buy an item on a credit card pay off balance on credit card then take item back to store what happens?
Yes, you can return an item to a Victoria's Secret in another location. However, if the item was on sale or bought under promotion, there may be special circumstances regarding it and you will need to check your receipt for further details. There's also usually a limited amount of days you can return your item for full credit.
The trial balance may be wrong but it will not show it (total debit balances will still be equal to the total credit balances). It may happen if there are next kind of mistakes: Commission - a transaction is entered in the wrong account; Reversal - the debit entry in written on the credit side and the credit entry is written on the debit side; Ommision - a transaction is completely ommited from the books…
If a collection agency agrees to delete an item from your credit report will the entry from the original credit card company be deleted as well?
Only if you get an agreement from them in writing. How could the collection agency have any affect on the original credit card issuer? You are dealing with two completely different accounts, one for the credit card and the other that was purchased as a bad debt. They cross reference each other on your credit report, but otherwise are unrelated.
i need help with finding out wh sent a bill to collections for my husband. On my credit report it shows Medical payment data.?
Say I make a purchase at a store and later on have to return the item. Does it hurt my credit if I return the purchased item Does it matter if money is credited on card or returned in cashstore cr?
This puzzle is also known as Fair Compensation. Mystery Solved, the torn photograph. Unsolved Mystery, the goat emblem. Journal entry, the contents of photo. Walk down. Chapter 6, the road to herzen castle. Journal entry, a gathering at the hotel. Walk down, walk down, continue down. Enter the hotel, you must have solved puzzle number 116. Watch the scene. Mystery solved, the box's disappearance. Mystery solved, Beluga's search. Journal entry, an improbable revelation. Journal entry…
You can dispute bankruptcies and items included in bankruptcies the same as any other negative item on your credit report. You must submit a dispute letter to the credit bureaus stating why the item(s) are being disputed. The credit bureaus have 30 days to verify the items or it must be removed from your credit report.
The effects of negative credit items depend on the nature of the item (credit card, foreclosure, collection account) as well as the severity of the item (30 day delinquency vs. charge-off). Additionally, the presence of other accounts, both positive and negative, will adjust the impact that a single negative item has on your credit score. One final variable that also affects how a single negative item impacts your score is the overall length of your…
The Fair Credit Reporting Act allows a bankruptcy to show for 10 years from the "date of entry of the order for relief or the date of adjudication". This refers to the legal item which appears in the public record portion of a credit report. Any tradelines that were included in bankruptcy, which are the accounts listed in the report, will be shielded from view after 7 years.
Items bought from the grand exchange will either be noted, or in a box will the full set of the armor you have bought if the item is noted this is simply solved by putting the item into your bank, and withdrawing it again. if the item is in a box, you must first talk to one of the grand exchange people and exchange your box with your items in for the actual items, you…
When an item is purchased on credit accounts payable increases. For example if you purchase something for $250 on credit this is the entry to increase accounts payable. Purchases 250 Accounts Payable 250 When you pay for your purchases it will decrease accounts payable. Accounts Payable 250 Cash 250
Revaluation of inventory has no net effect on the cashflow statement as there has been no movement in cash. If the value of inventory is increased, the debit entry to inventory revaluation is negated by the credit entry to the revaluation reserve / shareholders' funds. If the value of inventory is decreased (more common), the credit entry to inventory writedown is negated by the debit entry as an expense or cost of sales item through…