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How can I receive a refund to my credit card in the form of cash?
To receive a refund to your credit card in the form of cash, you can visit the store where you made the purchase and request a cash refund. Some stores may allow this, but it's best to check their refund policy beforehand.
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.
What is the proper journal entry for recording a tax refund in the company's financial statements?
The proper journal entry for recording a tax refund in the company's financial statements is to debit the cash account and credit the income tax refund account. This reflects the increase in cash from the refund and properly records the transaction in the company's financial records.
How to properly record a tax refund in accounting?
To properly record a tax refund in accounting, you would debit the cash account to increase it and credit the income tax expense account to reduce it. This reflects the refund as income received and reduces the expense previously recorded for taxes paid.
What is the difference between redemption value and refund value?
The diference is in the nature it is turned back in for credit or cash. Was it done by the purchaser (refund) or the person the gift was given to (redeemer). It boils down to the first or second party.
How can I receive a refund to my credit card in the form of cash?
To receive a refund to your credit card in the form of cash, you can visit the store where you made the purchase and request a cash refund. Some stores may allow this, but it's best to check their refund policy beforehand.
What is the journal entry to record a refund?
Debit refund accountCredit cash / bank
What is the accounting treatment for a refund to customer?
Is it right that I debit the refund to [Sales returns] and credit it to [Cash at bank]? But the answer given by my teacher is that the refund is debited to [Trade receivables] and credited to [Cash at bank].
Can you cash your deceased mothers refund check?
No.
What is the journal entry when you receive a cash refund?
Debit cash refundCredit expenses
If a company returns defective supplies that were purchased for by cash and receives cash refund is this transaction recorded in Cash Receipts Journal?
Yes, the transaction of returning defective supplies and receiving a cash refund would typically be recorded in the Cash Receipts Journal. The entry would involve debiting the accounts payable or purchases returns account for the amount of the defective supplies and crediting the cash account for the amount of the refund received.
How do you cash a tax refund check without an ID?
You can not.
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.
How much do you get from recycling glass bottles?
Differs on the cash refund.
Can a 401c corporation give a cash refund?
if they feel like it
What is Cash Voucher?
A cash voucher is a piece of paper that can be used in place of cash. These are often given as gift certificates or refund checks from stores.
What is the proper journal entry for recording a tax refund in the company's financial statements?
The proper journal entry for recording a tax refund in the company's financial statements is to debit the cash account and credit the income tax refund account. This reflects the increase in cash from the refund and properly records the transaction in the company's financial records.
