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What is the journal entry for this transaction Added 460 to mendosa customer balance for finance charges on unpaid balances?
Wiki User
∙ 9y ago
debit finance charges 460
credit balance payable 460
Wiki User
∙ 9y ago
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What is shown on a customer statement?
Typical components on a Customer Statement: Date of Statement Customer Name & Address Customer Number/Account Number Detail of charges for the month (or other period) such as: date of invoice, invoice number, invoice amount. Beginning Balance Current Charges Payments Received Balance Due (Current and Past Due)
What is account analysis?
An Account Analysis (AA) system is software used in banks to analyse various accounts a customer has. The end-product of the account analysis system is an Account Analysis Statement which is a summary report of the banking services for the month. On a broad level, an account analysis system: · Tracks the various activities, balances and charges with the accounts, collecting inputs from other systems. · Accumulates both customer balance and service usage information on a monthly basis in order to apply a pricing schedule, calculate a service charge, and provide a credit for the balance maintained in the account.
How do you calculate average daily balance?
AnswerTake the account balance at the end of each day's business. Add all of these balances and divide by the number of days. Average Daily Balance is the practice of crediting an account from the day a payment is received or debiting an account on the day a charge is made. It is a daily tracking of what is owed. The lender adds the beginning balance for each day in the billing period to the charges made that day, and then subtracts any payments and/or credits made to the account that day. Adjusted Balance adds charges and subtracts payments made during the billing cycle from the balance at the end of the previous billing cycle. This method is more advantageous to borrowers and credit card holders.
What is the difference between unit cost and unit price?
Unit Cost is what the manufacturer charges a dealer for the item. The Unit Price is what the dealer charges a customer.
What are the Charges of bank on its customers?
Banks may charge you for/under the following services 1. Annual account maintenance charges 2. Debit/ATM card annual fees 3. Charges for issuing Demand drafts 4. Charges for not maintaining minimum balance 5. Charges for bounced cheques etc...
What is shown on a customer statement?
Typical components on a Customer Statement: Date of Statement Customer Name & Address Customer Number/Account Number Detail of charges for the month (or other period) such as: date of invoice, invoice number, invoice amount. Beginning Balance Current Charges Payments Received Balance Due (Current and Past Due)
Why does an account balance less than -40 dollars represent a debt greater than 40 dollars?
Unless they are reflected in the negative balance already, there are overdraft charges that you also owe. If the -$40.00 reflects more than one transaction that caused the negative balance, each transaction will have an overdraft charge.
Your bank statement shows a closing balance of 116.83. There are no outstanding checks or deposits. Your checkbook shows a balance of 118.58. What might account for the different balances?
it might be because of bank charges towards folio, some incidental expenses
What do balances do?
Accounts that are subject to bank service charges.
How many electrons can balance with the 1 proton?
One electron balances the charge on one proton. Their charges are equal and opposite.
Do banks take money out of your account to cover bank fees?
Yes. The bank has the rights to deduct any fees or transaction charges from the cash balance you have in your account in return for the services availed by you. For Ex: If I do a NEFT funds transfer from my HDFC account to my ICICI Account, HDFC charges me Rs. 5/- as fee for that and deducts it from my account a day or two after I do the NEFT transaction.
What is the monthly summary of transactions sent to a customer called?
A monthly statement or monthly invoice is typically sent to a customer summarizing all transactions for that period. It provides a breakdown of charges, payments, and any remaining balance.
How much does Trade King charge per transaction?
The Trade King company charges a $4.95 charge per transaction. The Trade King company has been rated very highly in the customer satisfaction category and if a person is interested in creating an account then they must visit the company's website.
What do compensating balances represent?
Accounts that are subject to bank service charges.
The city charges a homeowner a fee to pick up the garbage each week Which of these was provided by this transaction?
A service is provided by the transaction.
What does charges are declined mean?
When charges are declined, it means that a payment transaction was unsuccessful and the payment method chosen (such as a credit card or debit card) was not authorized to complete the transaction. This could be due to insufficient funds, incorrect card details, or the issuing bank declining the transaction for security reasons.
What is account analysis?
An Account Analysis (AA) system is software used in banks to analyse various accounts a customer has. The end-product of the account analysis system is an Account Analysis Statement which is a summary report of the banking services for the month. On a broad level, an account analysis system: · Tracks the various activities, balances and charges with the accounts, collecting inputs from other systems. · Accumulates both customer balance and service usage information on a monthly basis in order to apply a pricing schedule, calculate a service charge, and provide a credit for the balance maintained in the account.
