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A creditor is an entity that a company owes money to, such as debt to a bank or bondholders. If a creditor has a debit balance, it means that your company paid more than they owed. If there was a credit balance, you would owe money on that account.
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∙ 12y ago
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Which account represents a debit balance on a ledger account?
assets have debit balances.
The normal balance for an asset account is?
debit balances
Can creditors account have debit balance?
creditors have debit balances as advances receive from creditors..........
What does it means if sundry creditor hava a debit balance and credit balance?
If someone has a creditor and has a debit balance and a credit balance this means they have a bank account. The bank account provides the debit card and the bank provides the credit balance.
What will be the journal entry Paid creditor on account?
Debit accounts payableCredit cash / bank
Which account represents a debit balance on a ledger account?
assets have debit balances.
The normal balance for an asset account is?
debit balances
Can creditors account have debit balance?
creditors have debit balances as advances receive from creditors..........
What does it means if sundry creditor hava a debit balance and credit balance?
If someone has a creditor and has a debit balance and a credit balance this means they have a bank account. The bank account provides the debit card and the bank provides the credit balance.
Can a creditor get a judgment and attach your debit card?
They wouldn't attach a debit card, they would attach the bank account. If there is a debit card the account is connected to, I suppose you could say they've attached it.
What will be the journal entry Paid creditor on account?
Debit accounts payableCredit cash / bank
What is a SWIFT MT 104?
The MT 104 is used to convey customer direct debit instructions and can be:sent by a non-financial institution account owner, or a party authorised by the account owner, to a financial institution to request the direct debit of the debtor's account with the receiver or with another financial institution, and subsequently to credit the creditor's account maintained by the receiver or one of its branches.sent by the creditor's bank, or another financial institution, to the debtor's bank, or another financial institution, on behalf of the creditor/instructing party to order the debit of the debtor's account and to collect payment from this account.sent by a non-financial institution account owner, or a party authorised by the account owner, to a forwarding financial institution to request the direct debit of the debtor's account and subsequently to credit the creditor's account serviced by a financial institution in another country.sent between two financial institutions on behalf of a creditor/instructing party to request the direct debit of the debtor's account in the Receiver's country and subsequently to credit the creditor's account maintained by the Receiver or one of its branches.
Do revenues have a credit or debit balances?
Revenue is an Owners Equity account therefore has a Credit Balance:
Which account decreases when debit?
All those accounts decreases with debit which normal or default balances are credit for example all liabilities or incomes are decreased with debits because their default balances are credit balance.
Discount allowed by creditors show you the debit and credit?
You would debit the creditor account and credit the expense it relates to or discounts allowed if you want to show them separately.
Debit card and credit card?
A debit card is connected directly to a bank account. The money being charged must be present in the account. A credit card is used with a promise to pay the creditor in the future.
What is the journal entries when cheque issued to creditors?
debit accounts payablecredit bank account
