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If you purchase fixture and fittings would you debit fixture and fittings credit bank?
Yes, when you purchase fixtures and fittings, you would debit the fixtures and fittings account to increase your asset balance, reflecting the addition of a new asset. Simultaneously, you would credit the bank account to decrease your cash or bank balance, indicating that you have spent money to acquire the asset. This transaction follows the double-entry accounting principle, where every debit has a corresponding credit.
What else can I help you with?
What do you debit and credit for purchase returns?
Debit the supplier Credit the Purchases Returns account
Are retained earnings debit or credit?
purchase a/c
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
The purchase of equipment on credit is recorded by?
Debit to Equipment and a credit to Accounts Payable
What are the double entry for credit purchase?
[Debit] Purchases [Credit] Accounts payable
Journalize entries for Trade-in Of Old Fixtures For New Ones in accounting?
[Debit] New Fixture [Debit] Accumulated-Depreciation Old Fixture [Debit] Loss on sale of old fixture (if any) [Credit]Old Fixture [Credit]Cash/Bank [Credit] Profit on sale of old fixture (if any)
Is furniture and fixture debit or credit?
Neither, it is an object
What do you debit and credit for purchase returns?
Debit the supplier Credit the Purchases Returns account
When using a debit card to make a purchase will choosing either the credit or debit button help your credit score?
No. Debit cards have no connection to credit.
When a purchase on account is made the invoice becomes debit or credit?
A debit to the vendor's subsidiary account.
What is the purchase of equipment on credit recorded by?
A debit to equipment and a credit to liability
How can I make a purchase using my running debit card as credit if I have no money in my account?
If you have no money in your account, you cannot make a purchase using your debit card as credit.
Are retained earnings debit or credit?
purchase a/c
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
The purchase of equipment on credit is recorded by?
Debit to Equipment and a credit to Accounts Payable
What are the double entry for credit purchase?
[Debit] Purchases [Credit] Accounts payable
What is the journal entry for purchase returns?
[Debit] Purchase Return [Credit] Purchases
