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What else can I help you with?
Does the word debit mean an increase?
Yes, in the Balance Sheet; Assets are on the Debit side of the ledger, a Debit increase occurs when there is a rise in asset values.
What does a settled balance mean on a debit card?
It means the outstanding balance has been paid in full - leaving a zero balance owing.
What does it mean when an account is having a debit balance?
It means you owe money, you passed your limit.
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
What does a debit balance on a partner's current account mean?
It means the owner has made excessive drawings.
Does the word debit mean an increase?
Yes, in the Balance Sheet; Assets are on the Debit side of the ledger, a Debit increase occurs when there is a rise in asset values.
What does a settled balance mean on a debit card?
It means the outstanding balance has been paid in full - leaving a zero balance owing.
What does it mean when an account is having a debit balance?
It means you owe money, you passed your limit.
What is the difference between debit balance and credit balance?
This is really not as simple as writing debit balance is or credit balance is:In accounting Debit literally means the left side and credit means the right side. The difference between a debit balance "account" and a credit balance "account" is:Debit balance accounts increase with a debit and decrease with a creditCredit balance accounts increase with a credit and decrease with a debitAssets maintain a debit balanceLiabilities and Owners Equity maintain a credit balanceThe above answer refers to accounting, however, I noticed that you also put this in Credit and Debit cards: using a bank debit or credit card is the opposite of the view you see doing accounting.On a Credit card statement for example, a credit balance would mean that the credit card company is "crediting" you with a certain amount, meaning you do not owe that amount anymore. A debit would be a rise in the balance you "owe them".
What does a debit balance on a partner's current account mean?
It means the owner has made excessive drawings.
What does it mean when an AP account balance has increased?
sales have dropped
What does it mean when the bank account in the cash book has a credit balance?
That doesnt happen often, but its when you send a bad check. Because cash account is an asset and carry debit balance
What is the difference of sales and accounts receivable called?
I'm not exactly sure of the question, but I'm going to assume you mean what is the difference in the balances of sales and account receivable. First lets look at sales, sales (aka revenue) is what a company makes from providing a good or service. Say you sale $1,000 in watches and the buyer wants to put $500 of that on account (credit) for you that is an account receivable. The difference ($500) is recorded as "cash". If however your question is referring to the accounts themselves, there is no "term" to refer to the difference as the accounts are entirely different themselves and on opposite ends of the accounting equation. Sales (aka revenue) is an Equity account and maintains a credit balance, while accounts receivable is an asset account and maintains a debit balance. Basic transactions for sales and accounts receivable are: You sold $1,000 in watches, the buy pays $500 in cash and places the remaining $500 on credit the journal entry for this transaction is as follows: Cash (debit) $500 Account Receivable (debit) $500 Sales (credit) $1,000
What are credit and debit balances in accounting?
A credit balance shows up on a vendor statement when you have returned defective goods, for example. You can call the vendor and request a check for that amount or apply it to any outstanding balance that you owe that vendor. Do you mean "debit memo" instead of debit balance? A debit memo is sent to a vendor to let it know that you are making a deduction from what you owe to cover defective goods, a short shipment, a price reduction, or some other matter. When the vendor receives the debit memo and agrees with your reduction, it will send you a credit memo. And then, you may have a credit balance on your account- depending on whether or not you owe them any money.
What does D mean on a bank statement?
There will usually be a letter next to your bank account's balance. This will either be "C" (Credit) or "D" (Debit). A D next to your balance means you're in overdraft.
What is on the debit and credit side of the trial balance?
If you do a Trial Balance and your Credits Equal your Debits, then more than likely your books are correct. In double entry accounting the debits and credits must balance or be equal.Accounts payable's normal entry is credit. when it is at the debit side it could mean: reversal of accounts payable which happens at the end of accounting period, or return of merchandise purchased,...
What does debit memo mean on a bank statement?
A Debit Memo refers to any transaction wherein the bank's account balance is reduced. This memo is applied on bank fees such as interest, loan payments, bounced checks, and transfer of funds.
