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What s mean contra posting?
As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Cash A/c to another (e.g. main cash to petty cash )or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from.Cash account to Cash accountCash account to Bank accountBank account to Cash accountBank account to Bank account
What is the difference between cash book and cash account?
Cash Account :- 1. Is an account in the ledger. 2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry. 3. In cash account posting is not followed by narration. 4. It only records one aspect of transaction involving cash & bank. Cash Book :- 1. Is a separate book of account forming a part of accounting system. 2. Cash book records entries directly from transaction & there is no need for a book of prime entry. 3. In cash book entries are followed by narration also. 4. It records both the aspect of this transaction in cash & bank columns to complete double entry posting.
If the transaction paid cash for office supplies the accounts affected would be?
If the transaction paid cash for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in supplies, while the Cash account would be credited to indicate the decrease in cash due to the payment. This transaction affects both the asset accounts, with office supplies increasing and cash decreasing.
For the transaction paid cash for office supplies the accounts affected would be?
In the transaction where cash is paid for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in assets, while the Cash account would be credited to show the decrease in cash assets due to the payment.
What is the difference between a cash transaction and a non cash transaction?
processing a transaction includes involves cash or non transaction and concept of different between two?
What is contra voucher in accounting?
A Contra voucher entry is a transaction involving transfer of cash between one Cash A/c to another or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from:Cash account to Cash accountCash account to Bank accountBank account to Cash accountBank account to Bank account
What s mean contra posting?
As per the Accounting Principles, a Contra entry is a transaction involving transfer of cash between one Cash A/c to another (e.g. main cash to petty cash )or one Cash A/c to another Bank A/c i.e., is a transaction indicating transfer of funds from.Cash account to Cash accountCash account to Bank accountBank account to Cash accountBank account to Bank account
What is the difference between cash book and cash account?
Cash Account :- 1. Is an account in the ledger. 2. Cash account is part of the ledger. Cash account is opened in the ledger in which posting is done from some book of original entry. 3. In cash account posting is not followed by narration. 4. It only records one aspect of transaction involving cash & bank. Cash Book :- 1. Is a separate book of account forming a part of accounting system. 2. Cash book records entries directly from transaction & there is no need for a book of prime entry. 3. In cash book entries are followed by narration also. 4. It records both the aspect of this transaction in cash & bank columns to complete double entry posting.
If the transaction paid cash for office supplies the accounts affected would be?
If the transaction paid cash for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in supplies, while the Cash account would be credited to indicate the decrease in cash due to the payment. This transaction affects both the asset accounts, with office supplies increasing and cash decreasing.
For the transaction paid cash for office supplies the accounts affected would be?
In the transaction where cash is paid for office supplies, the accounts affected would be "Office Supplies" and "Cash." The Office Supplies account would be debited to reflect the increase in assets, while the Cash account would be credited to show the decrease in cash assets due to the payment.
How can I obtain a cashier's check or cash for this transaction?
To obtain a cashier's check or cash for a transaction, you can visit a bank or credit union where you have an account. Request a cashier's check from the teller by providing the necessary funds and recipient information. If you need cash, you can withdraw the desired amount from your account at the bank's counter or ATM.
Can you deposit cash into an ATM with just an account number?
No. You need your ATM card to access your account for depositing cash. Utilize other option go over the counter transaction. Just provice your account number.
Can you explain the process of a transaction being debited to your account and how it affects your balance?
When a transaction is debited to your account, it means that the amount of money involved is subtracted from your account balance. This can happen when you make a purchase, pay a bill, or withdraw cash. Your balance decreases by the amount of the transaction, reflecting the new total amount of money in your account.
Which accounts are involved in the following enteries Dixon opened a bank account in the name of the business by depositing 50000 cash which he had saved over a number for years?
[Debit] Bank Account 50000 [Credit]Cash Account 50000 Bank account as well as cash accounts are involved in this transaction.
What is the difference between a cash transaction and a non cash transaction?
processing a transaction includes involves cash or non transaction and concept of different between two?
What 2 acounts are affected when you pay cash for a telephone bill?
When you pay cash for a telephone bill, two accounts are affected: the Cash account and the Telephone Expense account. The Cash account decreases because you are using cash to make the payment, while the Telephone Expense account increases, reflecting the expense incurred for the telephone service. This transaction demonstrates the outflow of cash and the recognition of an expense in the accounting records.
What is the account affected when rent received?
When rent is received, the account affected is typically the Cash or Bank account, which increases as cash is received. Simultaneously, the Rent Income account is credited to recognize the revenue earned from renting property. This transaction reflects an increase in assets (cash) and an increase in equity (through income).
