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What else can I help you with?
When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Is the balance on a credit card a liability or an expense?
The balance on a credit card is considered a liability because it represents money that you owe to the credit card issuer. It reflects the total amount of credit used but not yet paid back. In contrast, an expense is a cost incurred for goods or services consumed, which affects your income statement. Therefore, while the credit card balance may stem from expenses, the balance itself is classified as a liability on the balance sheet.
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
IS A CREDIT CARD AN EXPENSE OR LIABILITY?
A credit card itself is considered a liability because it represents money that you owe to the credit card issuer. When you make purchases using a credit card, those purchases are recorded as expenses in your accounts. However, until you pay off the credit card balance, the total amount owed remains a liability on your financial statements.
Is the merchant Credit card discount rate revenue or expense?
The Credit Card Discount Rate is revenue for the CC Processing company, and an expense for the merchant who submits the credit card. It's nothing to the CC holder. So you use your cc to buy socks online from socksonline.biz. Socksonline.biz uses 10th National Bank to process the transaction. The Discount Rate is paid by socksonline.biz to the 10th National Bank. Therfore, it is revenue for the 10th National Bank and an expense for socksonline.biz.
Which type of expense is a bank charge for credit card fees Administrative or General?
Sales
Can you deduct credit card interest as a business expense?
No, credit card interest cannot be deducted as a business expense.
Are credit card discounts reported as operating expenses on an income statement?
a credit card discount would be a credit, not an expense.
Can an annual credit card fee be a prepaid expense?
yes
When can you deduct expenses paid by credit card?
Presuming it is a deductible expense, they are reportable when paid by the credit card, or any other method.
Are business credit card annual fees tax deductible?
Yes, business credit card annual fees are generally tax deductible as a business expense.
If you paid off all your old debts over two years ago and have had perfect credit since why has your credit score not gone up yet?
in order to incrase your credit higher, your expense has be higher as well. meaning, if you have a credit card you are not using. then your credit card company doesn't report your credit to credit bureau.. your expense and debt ratio will determine your credit score...
Is the balance on a credit card a liability or an expense?
The balance on a credit card is considered a liability because it represents money that you owe to the credit card issuer. It reflects the total amount of credit used but not yet paid back. In contrast, an expense is a cost incurred for goods or services consumed, which affects your income statement. Therefore, while the credit card balance may stem from expenses, the balance itself is classified as a liability on the balance sheet.
What is the sale of merchandise by a company on its own credit card that may result in a debit to service charge expense?
credit to interest revenue
Would extra payments made on a credit card be an asset liability income or expense?
liability
IS A CREDIT CARD AN EXPENSE OR LIABILITY?
A credit card itself is considered a liability because it represents money that you owe to the credit card issuer. When you make purchases using a credit card, those purchases are recorded as expenses in your accounts. However, until you pay off the credit card balance, the total amount owed remains a liability on your financial statements.
Can you use a credit card to buy food?
Simply put: NO. Many fast food places have been suspected of copying credit cards and selling the numbers or selling copies of the cards.
