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When a company paid cash for employees wages what kind of transaction is this?
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Will a credit always decrease a cash account?
A cash account will always be decreased by a credit, but a credit will not always decrease a cash account. The only time a credit decreases cash is when the company pays out cash, whether it's to purchase supplies, inventory, or pay wages etc. Here is two examples of a credit in a transaction, one will decrease cash, the other will not. Company X buys $1,000 in inventory from Company Y and pays CASH. The debit for this transaction will increase inventory, the credit will decrease cash since company X is paying cash for this transaction. Using the same transaction however, changing Company X wants to purchase this inventory on "credit" the debit in this transaction as above will still increase inventory, however, since Company X has chosen to purchase this inventory on credit and not use cash and accounts payable will be set up and the credit will "increase" accounts payable. Remember, Assets will "always" increase with a debit and decrease with a credit. Liabilities will "always" decrease with a debit and increase with a credit.
What is the difference between a cash transaction and a non cash transaction?
processing a transaction includes involves cash or non transaction and concept of different between two?
What are the differences between a cash and credit transaction for purchase and sales?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
How does a cash transaction differ from a credit transaction?
A cash transaction is actually using money you have at the time ; A credit transaction is spending money that you don't actually pay immediately , but at a later date
Can you pay your employees cash wages?
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Will a credit always decrease a cash account?
A cash account will always be decreased by a credit, but a credit will not always decrease a cash account. The only time a credit decreases cash is when the company pays out cash, whether it's to purchase supplies, inventory, or pay wages etc. Here is two examples of a credit in a transaction, one will decrease cash, the other will not. Company X buys $1,000 in inventory from Company Y and pays CASH. The debit for this transaction will increase inventory, the credit will decrease cash since company X is paying cash for this transaction. Using the same transaction however, changing Company X wants to purchase this inventory on "credit" the debit in this transaction as above will still increase inventory, however, since Company X has chosen to purchase this inventory on credit and not use cash and accounts payable will be set up and the credit will "increase" accounts payable. Remember, Assets will "always" increase with a debit and decrease with a credit. Liabilities will "always" decrease with a debit and increase with a credit.
What are a company's main uses of cash?
the company's main uses of cash are ,to buy equipmentand to pay employees
What is the difference between a cash transaction and a non cash transaction?
processing a transaction includes involves cash or non transaction and concept of different between two?
How do I get a trust cash advance?
A trust cash advance can be obtain by your bank, job or wages stubs submitted to a loan company.
What is cash inflow and outflow?
Exactly what it sounds like. A cash inflow means that cash is going into the company, and a cash outflow means cash is going out of the company.
Is Credit Card is really Money?
No - Buying goods on a credit card is a 'temporary loan' from the card company to allow you to buy stuff without handing over cash at the time the transaction takes place. The store bills the card company, and they hand over the cash to the store. The card company then bills you for the transaction.
Is a cash bar OK?
Yes, it will offend the employees of your company and lower morale at the party. Unless you company is in financial distress and that can be communicated to the employees, keep the open bar.
What are the differences between a cash and credit transaction for purchase and sales?
With Credit card you have to pay the credit company back later, cash is paid and over with if used.
In which special journal would a purchase of merchandise for cash be recorded?
A company that uses special journals should record a transaction involving the purchase of merchandise for cash ia a: Answer: Cash Payments Journal
How does a cash transaction differ from a credit transaction?
A cash transaction is actually using money you have at the time ; A credit transaction is spending money that you don't actually pay immediately , but at a later date
What is the purpose of doing the calculation Beginning salaries and wages payable PLUS Salaries and wages expense MINUS cash payments to employees EQUALS Ending salaries and wages payable?
The main purpose of this calculation is to find the salary and wages payable liability to show in the liability side of the balance sheet.
