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Why does paying off accounts payable not affect net income?
Paying off accounts payable not affect net income because it is charged to income statement already at time of purchases now it is just the payment of cash which charge cash only.
What is the journal entry to write off a notes payable liability?
Since we are referring to a "note" payable, more than likely you will have paid interest on the note. Although it will be similar to paying off other payable accounts, there is the difference of "Interest Expense". More than likely, since this is a Note Payable, the company is paying for some form of PP&E (property, plant & equipment). Since most "notes" charge interest the interest doesn't count as part of the Long-Term Asset (PP&E) but is rather a business expense that is recorded as an expense as it is paid. Let's say we bought a Company Car to use for business and our final payment on it was $1500, of that let's say $250 is interest, our journal entry would read! Note Payable (debit) $1250 Interest Expense (debit) $250 Cash (credit) $1500 The numbers I used are just plugged numbers and just used to show the placement of the accounts and what gets credited and debited. I hope that helps.
Are credit cards revolving charge accounts?
yes
What are some jobs of an accounts assistant?
An Accounts Assistant is in charge of a variety of tasks, but more importantly and widely known would be: maintaining accounts, raising invoices, and maintaining ledgers.
What are the responsibilities of a Bookkeeper?
A bookkeeper's responsibilities vary according to the client's (or boss') needs. Those responsibilities should be outlined in advance and may change as needs change. Some clients (or bosses) require only data entry and bill paying. Others will require a full-charge bookkeeper to take responsibility for data entry, accounts receivable, accounts payable, government remittances, monthly financial statements, and financial advice. A good bookkeeper will adapt to the clients needs as they change.
Why does paying off accounts payable not affect net income?
Paying off accounts payable not affect net income because it is charged to income statement already at time of purchases now it is just the payment of cash which charge cash only.
What are the three kinds of charge accounts?
The three kinds of charge accounts are regular charge accounts, revolving charge accounts, and installment charge accounts. Regular charge accounts require the full balance to be paid off by a set date each month. Revolving charge accounts allow users to carry a balance and make minimum payments, while still being able to make new purchases. Installment charge accounts involve making fixed payments over a specified period for a set amount.
Do any national grocery/department store chains do check cashing for their customers?
Walmart have recently introduced check cashing for their customers,however it is not free a small charge is payable.
What is the journal entry to write off a notes payable liability?
Since we are referring to a "note" payable, more than likely you will have paid interest on the note. Although it will be similar to paying off other payable accounts, there is the difference of "Interest Expense". More than likely, since this is a Note Payable, the company is paying for some form of PP&E (property, plant & equipment). Since most "notes" charge interest the interest doesn't count as part of the Long-Term Asset (PP&E) but is rather a business expense that is recorded as an expense as it is paid. Let's say we bought a Company Car to use for business and our final payment on it was $1500, of that let's say $250 is interest, our journal entry would read! Note Payable (debit) $1250 Interest Expense (debit) $250 Cash (credit) $1500 The numbers I used are just plugged numbers and just used to show the placement of the accounts and what gets credited and debited. I hope that helps.
Bond discount should be presented in the financial statements of the issuer as a a.contra liability b.adjunct liability c.deferred charge d.contra asset?
deferred charge
Why do banks charge customers who have inactive accounts?
Banks charge customers with inactive accounts to cover the costs of maintaining those accounts, such as administrative expenses and account management fees.
Who was in charge of the national bank controversy?
I think you mean who was in charge of the National Bank? Not who was in charge of the National Bank controversy? If you are asking who was in charge of it, not the "controversy", then the answer is private banks.
Who pays the bill when Congress overspends on its charge accounts?
Congress does not have charge accounts. Each Senator and representative has a budget that is under a government office that oversees the expenditures.
Why do banks charge dormant fees?
Banks charge dormant fees to cover the costs of maintaining inactive accounts and to encourage customers to keep their accounts active.
There are two types of travel charge card accounts They are?
Individually billed accountsCentrally billed accounts
What is an account executive?
Someone in a business who is in charge of accounts.
Are credit cards revolving charge accounts?
yes
