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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 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
Why are employees such a major expense for bank?
The employees are such an expense for banks because of they must be paid well. There are some who plan with robbers on how to steal from the coffers of the 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 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.
Is bank debts expense?
Yes
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.
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
What does Bank charges mean?
what does banking charges mean
