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A service fee is only shown on the bank statement which journa do i use?
To record a service fee that only appears on the bank statement, you would typically use the "Bank Charges" journal or "Miscellaneous Expenses" journal, depending on your accounting system. This reflects the expense incurred due to the bank's service fee. You would debit the relevant expense account (like Bank Charges) and credit your bank account to accurately reflect the deduction.
What is bank charges credit or debit in trial balance?
In a trial balance, bank charges are typically recorded as a debit entry because they represent an expense incurred by the business. Since expenses decrease the net income, they are recorded on the debit side of the trial balance. On the other hand, any bank charges that may be associated with fees for services rendered to the business would not be recorded as a credit in the trial balance. Instead, they are deducted from the cash or bank account balance.
What journal entry is needed to debit for bank service charges?
[Debit] Bank service charges [Credit] Bank account
What is the journal entry for bank services charges?
[Debit] Bank service charges xxxx [Credit] cash / bank xxxx
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
What kind of expense is bank charges?
indirect exp
Which type of expense is a bank charge for credit card fees Administrative or General?
Sales
A service fee is only shown on the bank statement which journa do i use?
To record a service fee that only appears on the bank statement, you would typically use the "Bank Charges" journal or "Miscellaneous Expenses" journal, depending on your accounting system. This reflects the expense incurred due to the bank's service fee. You would debit the relevant expense account (like Bank Charges) and credit your bank account to accurately reflect the deduction.
Is it true that there is no interest on bank loans in Libya?
Not true. If you study the Libya's system you will come across something called Administrative Expense. This is the term they use.
What is bank charges credit or debit in trial balance?
In a trial balance, bank charges are typically recorded as a debit entry because they represent an expense incurred by the business. Since expenses decrease the net income, they are recorded on the debit side of the trial balance. On the other hand, any bank charges that may be associated with fees for services rendered to the business would not be recorded as a credit in the trial balance. Instead, they are deducted from the cash or bank account balance.
What is the reason for overdraft charges from a bank?
Bank overdraft charges are the result of someone spending more money than they have in their bank account. The bank then charges interest on the overdrawn amount.
Does bank expense goes at income statement?
No, bank expenses do not typically go on the income statement. Bank expenses are usually recorded on the bank's own financial statements as part of their operating expenses. The income statement of a bank would typically include items such as interest income, loan loss provisions, and non-interest income.
Is bank debts expense?
Yes
What is journal entry for bank charges?
bank charges a/c debit to cash a/c credit
What journal entry is needed to debit for bank service charges?
[Debit] Bank service charges [Credit] Bank account
What is the journal entry for bank services charges?
[Debit] Bank service charges xxxx [Credit] cash / bank xxxx
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
