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When record sales returns the credit of the entry must be posted twice does this cause the trial balance to be out of balance?
Yes, if record sales returns are posted twice to the credit side, it will cause the trial balance to be out of balance. This is because the total credits will exceed the total debits, leading to discrepancies in the financial records. To maintain balance, each entry should be posted accurately only once.
What else can I help you with?
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
What is the balance sheet equation?
balance sheet is a record of debit and credit entry of account in order to obtain the net profit of the business.
On my account it reads ledger balance and then available balance they are two different amounts what is ledger balance?
There are several definitions, here's a few: Account balance after all activity for the previous day has been posted to the account. An account balance that is the result of the total debit and credit activity as of a specific date and time. There is no indication of funds availability or usability. A record of the balance in a customer's account per the bank's records. The balance in an account at the beginning of each day, also known as the current balance. Includes all deposits and withdrawals that were posted from the previous night, whether or not funds have been collected. See also: Collected balance. Hope this helps you.
To decrease the balance in an account in the accounts payable ledger you?
To decrease the balance in an accounts payable ledger, you would record a payment or adjustment to the account. This typically involves a debit to the accounts payable account and a corresponding credit to the cash or bank account to reflect the payment made. Additionally, if there are any discounts or returns, those should also be recorded as adjustments to further decrease the balance.
How long must a company keep a credit balance on a dormant account?
How long to keep a credit balance on a customer's account depends on the balance, type of account, and state laws. Generally amounts lower than $10 must be kept on record for 1 year.
Can you get a secured credit card with a bankruptcy on your credit record?
Yes. You are not really getting credit-it draws from your balance like an atm.
Share capital has a credit or debit balance?
Credit Balance CREDITS record transactions relating to revenues and an increase in the liabilities of the company. DEBITS record transactions relating to purchases, expenses and an increase in the assets of the company.
What is the balance sheets?
balance sheet is a record of debit and credit entry of account in order to obtain the net profit of the business.
What is the balance sheet equation?
balance sheet is a record of debit and credit entry of account in order to obtain the net profit of the business.
A sales return for credit on account would be recorded in what type of journal?
General Journal Sales Returns and Allowances - A company with sales returns and allowances can record them in the General Journal.
On my account it reads ledger balance and then available balance they are two different amounts what is ledger balance?
There are several definitions, here's a few: Account balance after all activity for the previous day has been posted to the account. An account balance that is the result of the total debit and credit activity as of a specific date and time. There is no indication of funds availability or usability. A record of the balance in a customer's account per the bank's records. The balance in an account at the beginning of each day, also known as the current balance. Includes all deposits and withdrawals that were posted from the previous night, whether or not funds have been collected. See also: Collected balance. Hope this helps you.
To decrease the balance in an account in the accounts payable ledger you?
To decrease the balance in an accounts payable ledger, you would record a payment or adjustment to the account. This typically involves a debit to the accounts payable account and a corresponding credit to the cash or bank account to reflect the payment made. Additionally, if there are any discounts or returns, those should also be recorded as adjustments to further decrease the balance.
How long must a company keep a credit balance on a dormant account?
How long to keep a credit balance on a customer's account depends on the balance, type of account, and state laws. Generally amounts lower than $10 must be kept on record for 1 year.
What happens when a car payment go into default for the cosigner?
The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.The co-signer has guaranteed the loan, therefore the bank will go after the co-signer for payment. If the loan is in default the default will go on the co-signer's credit record and if they don't pay the balance if will be on their record as a defaulted loan.
When a buyer returns merchandise purchased for cash the buyer may record the transaction using the following entry?
debit cash; credit merchandise inventory
Why balance sheet is not an account?
An account is a record that represents a single thing to the company. Balance sheets represent multiple accounts. Accounts can at one time only be either a debit or a credit. A balance sheet is a collection of certain accounts presented in a statement, and includes both debit and credit accounts.
Are income tax returns open record?
They are not public record.
