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The entry to close the appropriate insurance account at the end of the accounting period is what?
Insurance account is expense account and expense account is closed in income summary account. Insurance account should be credited where as income summary account should be debited
Commission received what is journal entry?
Journal entry:[Dr.]Bank account xxxx[Dr.]Cash account xxxxx[Cr.]Commission Received xxxxCommission received is credited because it is our income and incomes are credited.
Is accrued income effect Profit and Loss Account?
yes it do effect it should be credited in your profit and loss a/c
When seller paid the customer account is?
credited
What account is credited when a debit card is used to pay cash on account?
It is your checking account , but it is debited, not credited.
What are examples of income received in advance?
a good example would be rent income that has been received in advance another example would be membership fees etc... thr income received in advance is seen as a liability because it is money that does not correlate to that specific accounting or business year but rather for one that is still to come. the income account will then be credited to the income received in advance account and the income received in advance will be debited to the income account such as rent. When the time period for which the money was received comes, then a reversal takes place which is the same only differing by now debiting the income account to income received in advance account and vice versa.
What happens when money is deposited in account is it credited or debited?
deposited money is credited to your concern bank account
When the seller is paid the customer's account is credited or debited?
credited
When the seller is paid the customer account is debited or credited?
credited
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
When a customers account is paid the customers account is?
"credited".
What does credited 2 your account mean?
Added to your account.
