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How can I effectively increase my expense account?
To effectively increase your expense account, you can track your spending, set a budget, cut unnecessary expenses, negotiate better deals, and look for ways to increase your income.
How can one effectively increase an asset account?
One can effectively increase an asset account by acquiring more assets, such as cash, investments, or property, through activities like saving money, investing wisely, or generating income.
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
Does your social security benefit increase based on your income level?
Yes, your Social Security benefit can increase based on your income level. Your benefit amount is calculated using a formula that takes into account your earnings over your lifetime, so higher income levels can result in a higher benefit amount.
Maximum how much amount can be deposited in a savings account per day in state bank of India?
Maximum Rs.49999 You may also deposit more than 50K but in that case you just need to submit Your PAN No. (permanent account number) to determine the source of the cash deposited. For more information please visit the government of India's Income tax website
Why capital and equity account have a credit balance?
Because they are both income. Capital and equity are sums of money deposited into an account. They are not withdrawals.
What is the effect on income when service is rendered on credit?
Income from services rendered account will decrease and debtors account will increase
Why does expense account require a debit entry to increase equity?
A debit to an equity account, or in this case an expense account, will increase the expense account. An increase to this account means the more expenses you have. The more expenses mean the less money you earn and therefore you make less money in your income statement because revenues - expenses = income
How can I effectively increase my expense account?
To effectively increase your expense account, you can track your spending, set a budget, cut unnecessary expenses, negotiate better deals, and look for ways to increase your income.
Can a credit card company in the state of Maryland garnish your pension check that is automatically deposited into a bank account if there is no other income?
Yes, unfortunately
The income summary account has debits of 85000 and credits of 75000 before closing. Closing income summary will?
increase retained earnings by 10,000
An increase in accounts receivable is subtracted or added to what?
This depends on what caused the increase. Accounts receivable is the account used when a person or company owes YOU money. With an increase in AR, that means you either performed a service or sold goods to a person or company on account. Since this is an "increase" you will (ADD) the amount to your Account Receivable and Income (or Revenue).
Are the income a balance sheet account?
Income is an income statement account and shown in income statement and not a balance sheet account.
How can an increase in nominal income and a decrease in real income occur simultaneously?
real income is the change with inflation taken into account, nominal income is purely the change of income therefore if inflation was to be 5% and nominal income increased by 2% there would be a real income decrease of 3%
How can one effectively increase an asset account?
One can effectively increase an asset account by acquiring more assets, such as cash, investments, or property, through activities like saving money, investing wisely, or generating income.
Would the entry to transfer net income to the owner's capital account would include a debit to the owner's capital account?
No, the entry to transfer net income to the owner's capital account would not include a debit to the owner's capital account. Instead, it would involve a credit to the owner's capital account to increase it, reflecting the net income earned. The corresponding debit would typically be to the income summary or the retained earnings account, depending on the accounting method used. This entry effectively moves the net income from temporary accounts to the owner's equity.
How should I create a journal entry to record an income tax refund?
To create a journal entry for recording an income tax refund, debit the cash account for the amount of the refund received and credit the income tax refund account. This will accurately reflect the increase in cash and the corresponding decrease in the income tax refund liability.
