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When the bank gives adjustment on principal on a loan what account do you debit?
the loan
What is owners savings?
An owner's savings account is also known as the owner's equity account. The owner's equity account keeps track of deposits and withdrawals to the account, and how much principal the owner has invested in the business.
What does it mean when an account is long outstanding difficult to collect the amount or it should be internally adjusted?
The account is considered an uncollectible account. The account must be adjusted so that the business can balance its books.
What is difference between revaluation account and realization account?
Revaluation account and Realisation account both are nominal account. the purpose of revaluation account is taking the effect of fluctuations in asset & liabilities in their books while purpose of realisation account is to closing the books of accounts of a comapany or a firm. Revaluation a/c is made when any fluctuation in value of an asset takes place. realisation a/c is made at the time of liquidation of a company or a firm.
Current installment of long term debt?
The current portion of long-term debt is usually broken out to an a liability account known as Current Portion-Long Term Debt. This is usually for a 12-month period. Using the amortization schedule for the loan, debit the long-term note account for the 12 month period of principal and credit the short-term liability account. Then when the payment is made, debit the principal to the short-term account and the interest to interest expense.
When there is a joint account and two attorneys-in-fact under a POA with only one listed as the joint account owner who has authority to make transactions?
A joint account passes to the surviving account owner if the co-owner has died.If a person who has executed a POA is a joint owner of an account, their attorney-in-fact can access that account, or any account, on behalf of the principal while the principal is living unless the principal excluded authority over that account from the POA. Any attorney-in-fact stands in for the principal in such matters as banking when the principal has requested that they do so.A co-owner has free access to any joint accounts they own.
Money put into an account?
Deposit, or principal
What is the amount of money put into an account?
Principal
Is the amount of money put into an account.?
Principal
What is the correct way to account for depreciation in the books?
Which of the following represents the correct way to account for depreciation on the books
When the bank gives adjustment on principal on a loan what account do you debit?
the loan
Principal accounts on a bank's balance sheet?
Loan account is the most important account in the bank's Balance sheet.
A principal of 950 is invested in an account at 7 percent per year simple interest What is the amount of the principal after 5 years?
1282.5
A principal of 835 is invested in an account at 3 percent per quarter simple interest Which of the following sequences describes the dollar amount of principal in the account at quarterly interval?
835.00, 860.05, 885.10, 910.15, 935.20,
What is a disclosed principal?
A disclosed principal is someone who you have acknowledged to a third party that you are acting as an agent for.An undisclosed principal means that you appear to be acting for your own account, but you are actually acting as agent for the undisclosed principal without telling anyone.
Secondary books of account?
Briefly explain types of secondry books.
What is The addition of interest added to the principal in a retirement account over time?
compunding
