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Is bonds payable debit?
Bonds payable is liability for business which is refundable in future and like all liabilities which have credit balance as default balance bonds payable also has credit balance as default balance.
Is note payable a credit or debit?
Notes payable is a liability for business payable in future time so like all liabilities which has credit balance, notes payable also has credit balance and shown under current liability section of balance sheet.
Is any credit balance in a vendor subsidiary account an unpsid balance owed?
No, a credit balance in a vendor subsidiary account typically indicates an overpayment or a payment made in excess of the amount owed. This means that instead of an unpaid balance, the vendor may actually owe the company a refund or credit for future purchases. It's important to review the account details to understand the specific reason for the credit balance.
What is a credit balance in a vendors subsidiary account?
A credit balance in a vendor's subsidiary account indicates that the vendor has been overpaid or that there are available funds or credits that can be applied to future purchases. This situation may arise from returned goods, discounts, or prepayments made by the buyer. It signifies that the buyer effectively has a positive balance with the vendor, which can be utilized for future transactions.
What is a payable considered on the trial balance?
Payable is considered as liability and shown in credit side of trial balance as these are those amounts which are receivable in future period of time.
What happens if you get a refund on a credit card with no balance?
If you receive a refund on a credit card with no balance, the refund amount will typically be credited to your account as a negative balance. This means you will have a credit on your account that can be used towards future purchases or you can request a refund of the credit balance from the credit card issuer.
Is bonds payable debit?
Bonds payable is liability for business which is refundable in future and like all liabilities which have credit balance as default balance bonds payable also has credit balance as default balance.
How can I receive a refund on my credit card with a zero balance?
If you have a credit card with a zero balance and are eligible for a refund, the refund amount can be credited to your card as a negative balance. This negative balance can be used towards future purchases or you can request a check from the credit card company for the refund amount.
Is note payable a credit or debit?
Notes payable is a liability for business payable in future time so like all liabilities which has credit balance, notes payable also has credit balance and shown under current liability section of balance sheet.
What happens when you get a refund on a credit card with a zero balance?
When you receive a refund on a credit card with a zero balance, the refund amount will typically be added as a credit to your account. This credit can be used towards future purchases or you may request a check for the refunded amount.
Is accounts payable a debit or credit?
Accounts Payable is the amount which is payable by company for the merchandise purchased by company but payment is due in future, as it is the liability of company so like all liability accounts it has credit balance as normal balance.
Is any credit balance in a vendor subsidiary account an unpsid balance owed?
No, a credit balance in a vendor subsidiary account typically indicates an overpayment or a payment made in excess of the amount owed. This means that instead of an unpaid balance, the vendor may actually owe the company a refund or credit for future purchases. It's important to review the account details to understand the specific reason for the credit balance.
How can a payment create a credit balance on an account?
A payment can create a credit balance on an account when the amount paid exceeds the total amount owed. This results in the account having a positive balance, which can be used towards future purchases or refunded to the account holder.
What happens if you pay more than your credit card balance?
If you pay more than your credit card balance, the extra amount will be credited to your account and can be used to offset future purchases or reduce your next bill.
What is a payable considered on the trial balance?
Payable is considered as liability and shown in credit side of trial balance as these are those amounts which are receivable in future period of time.
What is the normal balance of a bonds payable account?
Normal balance of bonds payable account is credit account and it is shown under liability side of balance sheet because these are the amounts payable in future.
How can I receive a refund to my credit card that currently has a zero balance?
If you are due a refund to your credit card that has a zero balance, you can contact the company that issued the card and request the refund to be applied as a credit on your account. This will allow you to use the refund amount for future purchases or request a check for the refunded amount.
