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It means you owe money, you passed your limit.
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What does a debit balance on a partner's current account mean?
It means the owner has made excessive drawings.
What does it mean when the bank account in the cash book has a credit balance?
That doesnt happen often, but its when you send a bad check. Because cash account is an asset and carry debit balance
What You Mean Showing Debit Balance in Sales?
sales generally have credit balance .debit balance of sales would mean that a firm is incurring loss on sales
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
Is a credit issued to a customer a debit or credit to Accounts Receivable?
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.
What does a debit balance on a partner's current account mean?
It means the owner has made excessive drawings.
What does it mean if an account has an exceptional balance?
From the grade 11 text book, occassionally an account that would normally have a debit balance, ends up having a credit balance or vise versa not because of a mistake. There is a reason the account ends up with opposit of the normal, for example, if you over pay an account payable, or a customer returns unsatisfactory merchandise for credit.
What does it mean when the bank account in the cash book has a credit balance?
That doesnt happen often, but its when you send a bad check. Because cash account is an asset and carry debit balance
What You Mean Showing Debit Balance in Sales?
sales generally have credit balance .debit balance of sales would mean that a firm is incurring loss on sales
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
Is a credit issued to a customer a debit or credit to Accounts Receivable?
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.
What does D mean on a bank statement?
There will usually be a letter next to your bank account's balance. This will either be "C" (Credit) or "D" (Debit). A D next to your balance means you're in overdraft.
What mean DR on account statement?
debit
What does debit memo mean on a bank statement?
A Debit Memo refers to any transaction wherein the bank's account balance is reduced. This memo is applied on bank fees such as interest, loan payments, bounced checks, and transfer of funds.
What does debit an account mean?
A Debit is a transaction wherein money is debited or withdrawn or taken out from your bank account. For Ex: You use your ATM card to withdraw money from an ATM, this transaction will be reflected as Debit in your account because you have taken money from your account.
Does the word debit mean an increase?
Yes, in the Balance Sheet; Assets are on the Debit side of the ledger, a Debit increase occurs when there is a rise in asset values.
Which type of checking account pays interest on the mean balance of the account during a particular cycle?
Average Balance account
