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If you are planning to carry a large balance on your credit card credit card features should you look for A?
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Does a revenue account normally have a debit balance?
No. A revenue account should always show a credit balance.
Is stock a credit or debit account balance?
Stock is an asset so it should always be a debit balance.
An unrecorded credit memo for collection of a note should be?
added to bank balance
3 Upon closing the books at year-end a government should a. Debit fund balance and credit reserve for encumbrances c. Debit fund balance and credit encumbrances.?
Debit fund balance and credit encumrances because the reserve for encumbrances need not be closed because it is a balance sheet account.
Does cost of goods sold account have a debit balance or a credit balance?
Expense accounts should always be debit balances. The only exception is when you are recording discounts received on purchases in a separate account than the COGS account used for purchases. Discounts should be shown as a COGS account so that it is netted against purchases, and will have a credit balance. But even in this case, the total of all COGS accounts should be a debit balance.
Is service revenue a debit?
Revenues has credit balance as default balance and as services revenue is also a revenue account it means it should have credit balance as well and not a debit balance.
Does a revenue account normally have a debit balance?
No. A revenue account should always show a credit balance.
Is stock a credit or debit account balance?
Stock is an asset so it should always be a debit balance.
Where does letter of credit comes in balance sheet?
the letter of credit is not shown in the balance sheet, since it's a contingent commitment but it should be disclosed in a separate note
Is accounts payable a debit or creit balance account?
Accounts Payable is a liability so it should be a credit balance.
An unrecorded credit memo for collection of a note should be?
added to bank balance
Should your sister be paying on her credit card balance if her credit card debt has not yet been discharged but her accounts have been closed by the credit grantor?
Your sister should not be paying on the credit card balance. In fact, the credit card company cannot even legally send her statements because she is protected by the automatic stay.
Does keeping a balance on your credit card improve your credit report?
Not necessarily. You should have a high credit limit, but not use more than 50% of it. This is what improves your score. As a good rule of thumb, don't get into credit debt. Pay off the balance.
3 Upon closing the books at year-end a government should a. Debit fund balance and credit reserve for encumbrances c. Debit fund balance and credit encumbrances.?
Debit fund balance and credit encumrances because the reserve for encumbrances need not be closed because it is a balance sheet account.
Does paying off high balance credit card help your credit?
Yes. Amounts owed accounts for about 30% of your credit score. Ideally your utilization rate should be 20% or less. Paying your credit card balance to 20% or less will improve your credit score.
What percentage of your balance should be pay down to help with your credit score?
20%
List and discuss FOUR reasons why a country should be concerned about its balance of trade?
Prevent adverse balance;credit,competitive
