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What else can I help you with?
How much does a Credit Card Merchant account cost?
A Credit Card Merchant account costs about $25 to $30 a month.
What is the journal entry of rent received in advance?
Debit Cash for the cash received, and credit a liability account you can call Prepaid Rent or Prepaid Deposits. Basically, you credit a liability account because you "owe" them the rent for the month they have paid for in advance. Once the month has passed, you can debit the Prepaid Rent and credit Rental Income. Or, if the prepaid rent is a deposit made, you just keep it on your books as a liability until the end of their lease, at which time they will either be refunded the deposit (debit Prepaid Rent, credit Cash) or if they don't pay their last month's rent you can use the deposit (debit Prepaid Rent, credit Rental Income).
What is the journal entry for revenue earned during the month included 6000 cash and 5000 on account?
cash debit with 6000 and unearned revenue is 5000 credit and and account payable credit
Nick has a revolving department store credit card account with an annual percentage rate of 15 percent Last months balance on the account was 423.78 During the current month he made purchases 123.42?
$6.36
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
Do you have to pay an amazon account every month?
If you have an Amazon store card or credit card, you have to make payments every month.
How will it affect your credit score if lender requires you to have checking account so they can withdraw payments from each month?
Having a checking account has no effect on your credit score. Bouncing your checks has a big effect on your credit score.
Can a creditor report the same account every month?
Yes, a creditor can report the same account to credit bureaus every month. This practice is common, as it helps maintain an up-to-date record of the account's status, including payment history and any changes in balance. However, frequent reporting of the same account does not negatively impact your credit score; rather, it reflects ongoing account activity.
When you say credit instead of debit will the amount be taken out of your account then or later?
Credit means it will be charged to your account, then due on your next statement. If you always pay off your account each month, you are effectively getting a loan from date of purchase to date due, or date you pay if earlier. However, I think, if you carry a balance from month to month, you will be paying interest on your purchase. I never do that. And, I never debit when I can get a free loan.
During the month 900 of utilities expense was incurred on accounts by the business what is the account title for that transaction?
1. [Debit] Utility Expenses 900 [Credit] Cash / bank 900
Do you have to pay back the entire balance every month or can you choose how much you pay?
The answer depends upon what type of account you have. There are different types of accounts which have a card. The typical credit card is issued on a revolving account. This type of account allows the consumer to pay a minimum balance (set by the credit card company) and REVOLVE the remainder over to the next month. This is a costly proposition for the consumer, incurring the most interest charges. A charge card (as opposed to a credit card) may be issued on an open account. This type of credit grantor, the most well-known of which is American Express, issues an account which has no credit limit, but must be paid in full every month. There are no credit terms on such an account, and there is no way to revolve the balance over. Some department stores also issue cards on this type of account. It is important to know which type of account you have and to pay according to the terms of your specific card holder agreement.
What is designed to function much like a revolving charge account?
Most credit cards are designed as a revolving credit account. You spend money from the card and every month you pay it back so you can again use the money. That is why credit card have monetary limits based on you income and credit history.
