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Which account would be closed by posting a debit to the account?
Wiki User
∙ 13y ago
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.
Wiki User
∙ 13y ago
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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.
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.
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).
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
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.
If you signed with a merchant for recurring debit from your account who has to stop it?
Contact the company with your account and ask them what you need to do to stop this debit. Also I would let the merchant know as well. It is my understanding that the account owner is the one that needs to stop these transactions.
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).
