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What is the journal entry if the company paid for inventory with a credit card?
debit purchasescredit bank
What is the journal entry if the company paid the credit card of the employee?
It depends on the nature of the payment. If the expenses on the credit card were business expenses (for example, the employee purchased office supplies for the company), and the company made a payment to the credit card as reimbursement for those expenses, the entry would be a debit to the appropriate expense account(s) and a credit to cash. If the payment to the credit card was a loan to the employee and he/she was required to reimburse the company at a later date, the entry would be a debit to Accounts Receiveable and a credit to cash. If the payment to the credit card was not for business expenses and did not need to be repaid by the employee, then it becomes compensation to the employee as a bonus. This entry is more complicated because you should account for the payroll taxes that are incurred. For example, if the payment to the credit card company was $100 - this amount would be equivalent to the net pay check - so the actual bonus would be higher. If the employer was required to withhold 7% payroll tax and there was also a 7% employer paid tax, the $100 is equal to 93% of the bonus. So the gross bonus is $107.53, with $7.53 withheld (107.53 x 7%). The employers share of the taxes is also $7.53. So, the entry becomes a debit to Bonus Expense of $107.53, a debit to Payroll Tax Expense of $7.53, a credit to Payroll Taxes Payable of $15.06 and a credit to Cash of $100.
What is the primary difference between a credit card and a debit card?
credit mean were you take money debit is what you give money
What is the meaning of credit and debit?
Debit and credit are accounting terms for different columns. A "debit card" is different from a "credit card" in that when used, the former takes money directly from your bank account. Simply i can say debit what comes in,credit what goes out. i prefer virtual credit cards.
What is the statue of limitation in Ohio for credit card debit?
what is the statue of limitation in Illinois for credit debit/
What is the journal entry if the company paid for inventory with a credit card?
debit purchasescredit bank
What journal entry do you use for a sale when a credit card is used?
Debit bankCredit sales revenue
How can I properly record a journal entry for credit card rewards in my accounting records?
To properly record a journal entry for credit card rewards in your accounting records, you should debit the rewards earned to an account called "Credit Card Rewards Earned" and credit the same amount to a liability account called "Credit Card Rewards Payable." This way, you can track the rewards earned and the amount owed to you by the credit card company.
Is Mastercard a debit card?
no, it is a credit card. a mastercard can be either a debit or a credit card
debit card?
Debit Card vs Credit Card
Is a refund to a credit card a debit or credit?
Debit
Can you run a debit card as credit for this transaction?
Yes, you can run a debit card as credit for this transaction.
How can I transfer money from my debit card to my credit card?
You cannot directly transfer money from a debit card to a credit card. You can use your debit card to pay off the balance on your credit card by making a payment through your credit card issuer's website or app.
How does having a debit card declined affect my credit score?
Having a debit card declined does not directly affect your credit score because debit card transactions do not impact your credit history. Your credit score is based on your credit card usage, loan payments, and other credit-related activities, not on debit card transactions.
Can I pay with my debit card using a credit card?
No, you cannot pay with a debit card using a credit card. Debit cards and credit cards are different payment methods with separate accounts and functions.
Does debit card build credit?
A debit card is a card that takes money straight out of the bank, however, a credit card lets you borrow money, but you must pay interest. So, a debit card does not build credit.
Can a chase debit card also be used as a credit card?
Yes, but the funds are still withdrawn from the account that the debit card it linked to ... in other words using the debit card as a credit card is still a point of sale transaction. You cannot be extended "credit" on a debit card.
