Certificate of deposit is a current asset account and that's why it has a debit balance as a normal balance.
debited
Commission received is credited and cash is debited
credited
All liabilities are credited and assets are debited so increase in liability will be credited and not debited.
Credit
debited
Commission received is credited and cash is debited
Yes, you generally have to pay taxes on the interest earned from a certificate of deposit (CD) when it matures or when the interest is credited, even if you do not withdraw the money.
credited
credited
credit
All liabilities are credited and assets are debited so increase in liability will be credited and not debited.
Credit
In accounting, transactions are debited or credited based on the accounting equation, which states that assets must equal liabilities plus equity. When a transaction increases assets or expenses, it is debited. When a transaction increases liabilities, equity, or revenue, it is credited.
Revenue is income or a credit.
If you are the seller and recieve an advance payment from a customer, it means you are owing the customer and as much a creditor. Your cash is debited and the customer ( Customer's deposit account) credited;
It is a debit and taken out of your account.