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Is a mortgage repayment for a business a credit or a debit entry?
Wiki User
∙ 16y ago
Credit to cash, debit to the liability account for the mortgage.
Wiki User
∙ 16y ago
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Is mortgage payable is credit or debit?
credit
Is mortgage payable debit or credit?
Mortgage payable is liability for business and like all liabilities it also has credit balance and shown in liability side of balance sheet.
What is the journal entry to record accrued interest on a mortgage?
(debit) interest income (credit) (debit) interest income (credit)
Is a premises an credit or debit?
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
What is the role of debit and credit?
increase items in business we use debit. decrease items in business we used credit
Meaning of credit and debit?
Credit and debit are terms used in accounting and bookkeeping. Debit is typically listed first on the left side and credit will be on the right side. The words have opposite meanings. Debit is receiving and credit is giving and in business accounts debit is what comes in and credit is what goes out.
Does a debit decrease liability?
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
Is premises a debit or credit?
Premises is an asset for business and like all other assets of business which has debit balance as normal default balance it also has debit balance.
Is Advertisement a debit or credit?
It depends ! If you're advertising your business somewhere, then it's a debit. If someone is paying you to advertise their products or services, it's a credit.
Is owner capital credit or debit?
owners capital is liability of business that's why it is credit balance.
What is the journal entry of a repayment of a loan 2000 debited in error to wages account?
Debit Loan account 2000 Credit Wages account2000
Is cash a credit or a debit?
Cash is a current asset of business and like all other current assets which has debit balance as default normal balance cash also has debit balance.
