Yes owners drawings account is debit because cash is credited when withdrawal to reduce the cash from business.
Petty cash: Debit Cash: Credit
They are one in the same with the exception that with cash you have the money in hand. Debit is a card that is linked to your checking account and you debit your money from your account but it is the same as cash in a store.
Cash account has a debit as a normal balance so debit increases the cash account and credit reduces the cash account which is reverse of debit balance.
In simple terms - a debit card is 'electronic cash'. You can only pay for things with a debit card as long as there is enough money in the account that's linked to it. Once the cash is spent, the card will be rejected.
You must have enough cash in your bank account to cover the cost of the purchase when you use your debit card ( some banks limit the amount that you can pay for with a debit card also )
debit expensescredit payer account
entry to this would be plant account dr 5600 to suspense account 5600 in this entry we had to debit plat's account by rs 2800 but we had credited it by rs 2800 so we will debit plant's account by rs 5600 with suspense
Cash is "not" a credit in accounting. The cash account is an asset and is a debit balance account. To increase the cash account you debit the account and to decrease it you credit it.Cash = Current Asset = Debit Balance(GAAP)
No - a debit card is simply an electronic version of cash. If there are insufficient funds in your account to cover the transaction, the card will be declined.
Yes, you can pay with debit card in stores. It is just like paying in cash because your purchases are charged to your bank account.
Can a cash advance be deposited on a prepaid debit card?