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What is journal entry if you are paid by credit card or debit card?
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What is the journal entry if the company paid for inventory with a credit card?
debit purchasescredit bank
What is the journal entry if the company paid the credit card of the employee?
It depends on the nature of the payment. If the expenses on the credit card were business expenses (for example, the employee purchased office supplies for the company), and the company made a payment to the credit card as reimbursement for those expenses, the entry would be a debit to the appropriate expense account(s) and a credit to cash. If the payment to the credit card was a loan to the employee and he/she was required to reimburse the company at a later date, the entry would be a debit to Accounts Receiveable and a credit to cash. If the payment to the credit card was not for business expenses and did not need to be repaid by the employee, then it becomes compensation to the employee as a bonus. This entry is more complicated because you should account for the payroll taxes that are incurred. For example, if the payment to the credit card company was $100 - this amount would be equivalent to the net pay check - so the actual bonus would be higher. If the employer was required to withhold 7% payroll tax and there was also a 7% employer paid tax, the $100 is equal to 93% of the bonus. So the gross bonus is $107.53, with $7.53 withheld (107.53 x 7%). The employers share of the taxes is also $7.53. So, the entry becomes a debit to Bonus Expense of $107.53, a debit to Payroll Tax Expense of $7.53, a credit to Payroll Taxes Payable of $15.06 and a credit to Cash of $100.
What is the primary difference between a credit card and a debit card?
credit mean were you take money debit is what you give money
What is the meaning of credit and debit?
Debit and credit are accounting terms for different columns. A "debit card" is different from a "credit card" in that when used, the former takes money directly from your bank account. Simply i can say debit what comes in,credit what goes out. i prefer virtual credit cards.
What is the statue of limitation in Ohio for credit card debit?
what is the statue of limitation in Illinois for credit debit/
What is the journal entry if the company paid for inventory with a credit card?
debit purchasescredit bank
What journal entry do you use for a sale when a credit card is used?
Debit bankCredit sales revenue
Is Mastercard a debit card?
no, it is a credit card. a mastercard can be either a debit or a credit card
Is a refund to a credit card a debit or credit?
Debit
Does debit card build credit?
A debit card is a card that takes money straight out of the bank, however, a credit card lets you borrow money, but you must pay interest. So, a debit card does not build credit.
Can a chase debit card also be used as a credit card?
Yes, but the funds are still withdrawn from the account that the debit card it linked to ... in other words using the debit card as a credit card is still a point of sale transaction. You cannot be extended "credit" on a debit card.
Is credit card and debit card considered as a cash?
No, credit cards are loans and debit cards are checks.
Can you use green dot cards at Redbox?
yes. just tell the redbox its a credit card, then just swipe your debit card.An Opposing Answer:A credit card is not the same as a debit card, and vice versa. If you process a debit card as a credit card when that debit card is not encoded as an alternative credit card, the transaction will fail.
Is a secured credit card a real credit card or a debit card?
A "credit" card is a credit card.A prepaid credit card (secured) is not tied to a bank account and therefore while, like a debit card, you can only spend to the amount it has been loaded with (it will not provide credit), it is not a true debit card which IS linked into a bank account.
What is better Debit card or Credit Card?
I prefer debit card but if you like the bank giving you money then paying it back then it credit card for you . If you have debit card is like your whole bank in your wallet :)
How can you identify credit card from dedit card?
Credit cards say "credit" And debit cards say "debit". Hope this helps!
If a Mastercard card starts with 5434 is it a debit or a credit card?
credit card.
