Cash (debit) 2045Design Revenue (credit) 2045It's pretty much a straight forward entry. You received cash so you debit it, since revenue has a credit balance you credit the same amount to Revenue, check with your company, the account name may vary slightly, but very little. Income, Revenue, etc. It will go to that, never to anything called "net" or "gross" as these accounts are used to figure Retained Earnings which is a Statement of Income and a Retained Earnings statement account.
the doctor, hairdresser and photographer's revenue account name is fees revenue real estate's revenue account name is commission earned
Income Sales
An account title refers to the name given to a specific account in financial records or systems. It helps identify and categorize the type of account and its purpose for tracking transactions. For example, common account titles include "Cash," "Accounts Receivable," and "Sales Revenue."
The journal entry to record the purchase of a warranty in financial accounting would be to debit the Warranty Expense or Warranty Cost account and credit the Unearned Warranty Revenue account. This reflects the cost of providing the warranty coverage and defers the recognition of revenue until the warranty services are actually provided.
What needs to happen when recording a Journal Entry for a sale on account
Since you are using a "payable" account we do "not" touch cash until the actual payment is made. We however still know we need a debit and a credit for this transcation. To put this in our journal we will Debit Sales Tax Expense (check your company for exact account name) Credit Sales Tax Payable (again check your company for account name) Once you pay your taxes then you have to adjust these entries to reflect payment. In order to do that, we again use two accounts, this time however we do not touch Sales Tax Expense, it must stay there until we close our out books, we do however have to show that the payable has now become paid and that we no longer have that amount of cash on hand. This transaction will be adjusted in the journal as Debit Sales Tax Payable (to zero out this account or adjust it accordingly) Credit Cash (to show we no longer have that amount of cash on hand)
Credit note issued
No, but you can add her name to an existing CC account and have an additional name (hers) on the account.
Where did the cash come from? If it was from a customer: Debit Cash and Credit Sales. If it was from Lonnie, Debit Cash and Credit Loan Payable. If it was from an outstanding invoice, Debit Cash and Credit Accounts Receivable.
If your name is not on the account, and the account is not considered a "joint account" by the credit card company, then you should not be held liable for any debt on your wife's credit cards.
Name of account holder refers to the name of the person who owns the account. This can be for bank accounts, credit accounts, loans or utility services.