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Owner's equity capital goes on the right side of the T account.
Usually, the corresponding entry is to cash which goes on the left side.
Chris Hawkins
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When entering a brought forward balance on the debit side of a bank t account where does the credit entry go?
I was looking for the answer to a similar question with regard to brought forward figures, luckily i know the answer to this one, my accountant told me to create a new account called bank brought forward, and then you credit it to that account. Hope this helps.
How often is mortgage interest compounded?
Hum, I think you would want it to compound monthly. Since your capital is going down monthly, your interest charges would go down every month. If you compound it every 6 months, you end up paying for capital you already paid, 2,3,4 or 5 months before. If, your capital never goes down then interest charges compounded monthly would be higher instead of semi0annually. Your interest would just add up to your capital, making your next interest charge higher. Unless, I am mistaken, your mortgage payment is almost always higher then capital + interest cahrges for the month. Therefore, you capital is always decreasing. I have heard of some cases where the payment is lower, but I see how the math would work out (and how the guy would ever pay off his mortgage) HERE IS THE NOTATION: NOTATION: I = Note percentage rate i = Monthly percentage rate = I/12 (so that the APR = (1+i)^12 - 1) T = Term in years Y= I•T X = ½ I•T = ½ Y n = 12•T = term in months L = Principal or amount of loan P = monthly payment
What services does BBandT Bank offer to account holders?
BB&T Banking Services offer a variety of common services for their account holders. This includes banking accounts, mortgage services, and safe deposit boxes. Premier account holders get even additional benefits for being a premier member.
Are T-mobile cards refundable?
Prepaid T-mobile cards are not refundable. They are also non-replaceable and you cannot transfer the balance to anyone else once you have activated the card to put the money in your prepaid phone account.
What is a gpn t-fee?
I had a charge on my credit card for this... "GPN T-Fee". I do not know what the acronym is for, but the charge is related to my account through RCI Vacation Club. In this instance, I believe the fee was to continue my points through the next year.
Where do you record the debit in T account?
Debits go on the left hand side of a T account
Right side of a t account?
Right side of a T account is the credit side. http://www.taccount.info
Increases in a revenue account are shown on a T account's?
Right side, that is the credit side.
If an amount is recorded on the side of a T account opposite the normal balance side the account balance is?
decreased
What is the right side of T account?
means Credit side (left side is Debit side)
What happens if If an amount is recorded on the side of a T account the normal balance side?
decreased
What happens if If an amount is recorded on the side of a T account opposite the normal balance side?
decreased
What is the meaning of the 2 sides of a T-Account?
One side is for Debits (left side) and the other is for Credits (right side).
Capital T in Tau Gamma Phi?
shift+t = capital T
What is accounting equation?
Assets - Liabilities = Capital Also expressible as Assets = Capital + Liabilities. The accounting equation can be extended to include the Income and Expense accounts: Assets + Expenses = Capital + Liabilities + Income. With the accounting equation specified in the second and extended versions above, those on the left of the equals [normally] have left hand side of a T-account balance, ie a Debit balance; and those on the right [normally] have a right hand side of a T-account balance, ie a Credit balance. eg office furniture is an asset and has a debit balance; a bank loan is a liability and has a credit balance.
What is T account in accounting?
A T account is the method used to visualize the debit credit accounting procedure. The T account can represent any account regardless of expense, revenue, asset or liability. The debits are placed the left side and the credits on the right. But these days T accounting is converting I shape for vertical forms of different accounts .
Is accumalted depreciation a liability?
No, even though accumulated depreciation has a credit balance, it is shown under assets. Accumulated depreciation is a contra T-account to a fixed tangible asset. For example, "Accumulated depreciation machines" is a contra T-account to "Machines". Contra T-accounts are presented together with the T-account they are connected with. Therefore, accumulated depreciation is shown on the debit side with assets. As it has a credit balance, the balance is subtracted. (The sign of a T-account 'flips' when the T-account is included on the opposite side on the balance sheet.)
