Reserve account can be reduce as follows:
[Debit] Reserve account xxxx
[Credit] Share capital account xxxx
owners current account is called a personal account and it has a credit entry
account or accounting equation
What entry can we post to Office Maintenance Account in accounting
Single entry accounting can only be used for extremely simple businesses, like a lemonade stand in your front yard.Double entry accounting debits an account and credits a different account everytime there is a transaction.
Cash book
What entry can we post to Office Maintenance Account in accounting
owners current account is called a personal account and it has a credit entry
account or accounting equation
What entry can we post to Office Maintenance Account in accounting
What entry can we post to Office Maintenance Account in accounting
When free gift cards are given out, the accounting entry involves debiting the "Promotional Expense" account and crediting the "Gift Card Liability" account.
Single entry accounting can only be used for extremely simple businesses, like a lemonade stand in your front yard.Double entry accounting debits an account and credits a different account everytime there is a transaction.
Cash book
debit reserve accountcredit cash / bank
The proper tax refund accounting entry to record the return of excess taxes paid by a company is to debit the cash account for the amount of the refund received and credit the income tax expense account to reduce the tax expense recorded.
Drawings in accounting are recorded as a double entry in the cash book. This is a credit to the bank account and a debit to the cash account.
[Debit] Cash account [Credit] bank account