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The closing process seeks to reduce the balance of each account that needs to be closed to zero; therefore, the closing entry must reverse whatever balance the account already has. This means that any (temporary) account that normally has a credit balance will be closed by posting a debit (and vice-versa). Revenue is an example of an account that must be closed with a debit, since it is normally a credit account.
What else can I help you with?
Is a contra account a debit or a credit?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
Is a service revenue that is billed but not paid a credit or debit?
A service revenue that is billed but not paid is an account receivable. Account receivables are assets and therefore you would "debit" the account.
A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
What is the debit if you are crediting an asset account?
When you credit an asset account, you are decreasing its balance. To keep the accounting equation balanced, you must make a corresponding debit to another account. Typically, this debit would go to an expense, liability, or equity account, depending on the nature of the transaction. In essence, every credit to an asset requires a matching debit elsewhere in the ledger.
How do you use a debit card?
You would use it as a credit card, but the debit card takes money directly from your bank account.
Is a contra account a debit or credit account?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
Is a contra account a debit or a credit?
That depends, it could be either. a contra-asset account would be just the opposite of an asset. All assets have a debit balance (increase with debit) therefore a contra-asset account would be a credit. The same holds true with a contra-liability account, it is just the opposite, a liability maintains a credit balance (increases with a credit) therefore a contra-liability account would be a debit.
Is a service revenue that is billed but not paid a credit or debit?
A service revenue that is billed but not paid is an account receivable. Account receivables are assets and therefore you would "debit" the account.
Can a creditor get a judgment and attach your debit card?
They wouldn't attach a debit card, they would attach the bank account. If there is a debit card the account is connected to, I suppose you could say they've attached it.
What account would travelocity credit when you make a reservation with them?
1. Travelocity would credit their sales account and debit their cash account.
A balance of a prepaid expence account is normally DEBIT OR CREdit?
Prepaid Expenses would normally have a debit balance.
Is an increase in an asset result in a cret to its t-account?
No you would debit
What is the debit if you are crediting an asset account?
When you credit an asset account, you are decreasing its balance. To keep the accounting equation balanced, you must make a corresponding debit to another account. Typically, this debit would go to an expense, liability, or equity account, depending on the nature of the transaction. In essence, every credit to an asset requires a matching debit elsewhere in the ledger.
How do you use a debit card?
You would use it as a credit card, but the debit card takes money directly from your bank account.
Where can you get debit card in Japan?
Contact a Bank and set up an account, they would normally issue you with a debit card, but if not, you can request one.
Should you re-open a previously closed credit card account?
No. If the account has been closed, you would need to re-apply if you wanted an account.
What would be the entry if you received items for accounts payable?
Item(specify the name) a/c dr. To Account Payable a/c (If the person is dealer in that goods which is purchased then debit purchases account and if an assest is purchased then debit the asset account).
