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Accompanying the bank statement was a debit memorandum for bank service charges what entry is required in the depositor's account?
increase cash, increase accounts payable
Crediting an account by the bank means a decrease to that account false or true?
False. Crediting an account by the bank means an increase to that account. When the bank credits an account, it adds funds, such as deposits or interest earned, resulting in a higher balance. Conversely, debiting an account would indicate a decrease.
What is the double entry for bank charges?
The double entry for bank charges involves debiting an expense account and crediting the bank account. Specifically, you would debit the "Bank Charges" expense account to reflect the cost incurred, and credit the "Bank" account to reduce the cash balance. This ensures that the financial statements accurately reflect the reduction in cash and the increase in expenses.
In accounting why the reverse principle is not possible - debit the the giver and credit the receiver?
The best way to explain this is by example: Wells fargo Bank has your bank account. Your account is a liability for them since this is not truly their money and it is obligated to you the account holder......so when they increase your account, they post a credit to it. Because to increase their liabilities they have to credit it......and when you use your debit card and decrease your account then wells fargo debits your account to remove the money. For you as the account holder your checking account is your asset......so if you were tracking your accounting in a program.....and you wanted to show where you deposited money into your account in your system then you would post a debit to increase your cash account.
Is bank account perosnal account?
yes bank account is personal account
When an owner deposits cash in an account in the name of the business it is an increase to?
When an owner deposits cash in the bank account of his business, the bank account (assets) will increase in his books and payable account (Liabilities) will increase in the books of the bank.
How can one go about increasing their current account overdraft?
If someone needs to increase the current amount of overdraft on a bank account, one would have to contact the bank. There are papers that have to be signed to increase any limits on a bank account.
Accompanying the bank statement was a debit memorandum for bank service charges what entry is required in the depositor's account?
increase cash, increase accounts payable
Crediting an account by the bank means a decrease to that account false or true?
False. Crediting an account by the bank means an increase to that account. When the bank credits an account, it adds funds, such as deposits or interest earned, resulting in a higher balance. Conversely, debiting an account would indicate a decrease.
What are the examples of contra voucher?
# Cash account to Bank account # Bank account to Cash account # Bank account to Bank account
In accounting why the reverse principle is not possible - debit the the giver and credit the receiver?
The best way to explain this is by example: Wells fargo Bank has your bank account. Your account is a liability for them since this is not truly their money and it is obligated to you the account holder......so when they increase your account, they post a credit to it. Because to increase their liabilities they have to credit it......and when you use your debit card and decrease your account then wells fargo debits your account to remove the money. For you as the account holder your checking account is your asset......so if you were tracking your accounting in a program.....and you wanted to show where you deposited money into your account in your system then you would post a debit to increase your cash account.
Which one is correct sentence.you have a bank account in this bank or you have a bank account under this bank?
"you have a bank account in this bank" is the right phrase.
Is bank account perosnal account?
yes bank account is personal account
Deposited money in bank is cr or dr?
When you deposit money into a bank account, it is considered a credit transaction. This is because you are increasing the balance in your account, which is a credit to your account. From the bank's perspective, they are also increasing their liabilities by owing you that money, which is recorded as a credit on their books.
What will happen if a customer puts more money into a checking account at her bank?
If a customer puts more money into her checking account at her bank, the balance of her account will increase. This means she will have more funds available to use for payments or withdrawals. The bank may also pay her interest on the increased balance, depending on the terms and conditions of her account.
Why is your bank account under investigation by your bank?
why is your bank account under investigation by your bank?
Is bank account a real account in accounting?
No bank account is a Personal account in Accounting
