0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
How you record a credit sales?
credit your stock for stocks going out of the account debit the debtors for stock going into his account
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
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
What is debit and credit in accounts?
Debit refers to the left side, and credit to the right side.Balance sheetFor example: A balance sheet has a left side (debit) including the assets and a right side (credit) showing the liabilities and equity. T-accountLikewise, a T-account (used to record transactions) has a debit side and a credit side. For some T-accounts the debit side means increases (and credit decreases), while for other T-accounts it is the reverse.
Increases in a revenue account are shown on a T account's?
Right side, that is the credit side.
How do you record an increase in a liability account?
Any increase is an credit for a liability
What do you need to get a credit account with Les Schwab Tires?
Good credit And A record of paying bills on time.
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
What journal entry for provident fund?
To record employee contributions to the provident fund: Debit Provident Fund Expense and Credit Employee Contribution Payable. To record employer contributions: Debit Provident Fund Expense and Credit Employer Contribution Payable.
Why the ballance of the assets is always on debit side in T account?
Assets maintain a Debit balance and therefore any asset with a positive balance will be listed on the "debit" side of the account. The credit side of the T account for assets is used only to DECREASE that asset. For example Cash is an asset account and it's balance is listed on the Debit side, now your company spends "x" amount of dollars, that entry will be listed on the Credit side to decrease the cash account. If at anytime your Debit side of the asset is less than your Credit side it means that you have a LOSS. For example, you have $1,000 in your cash account and you record $1500 (credit) to the account. Your account will be listed as "OVERDRAWN" and will have a Credit Balance of $500, this of course is not acceptable. A company can never have a higher Credit balance than a Debit balance in their assets.
How do you record a loan using accrual basis accounting?
cash------debit Account payable----Credit
