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What else can I help you with?
Does debit on a bill mean they owe you or do you owe them?
you owe them :(
What does it mean if you are in debit?
It means you have money. But if you're in DEBT, you owe money.
Does debit on your british gas bill mean you owe them money?
Yes. Credit means that you have overpaid and they owe you money.
What does it mean when an account is having a debit balance?
It means you owe money, you passed your limit.
What does debited to your account mean?
It means they have charged you for some amount. So you may have less $ in the bank or owe more $ than before the debit occurred.
Does debit mean you owe them money?
Yes, in accounting terms, a debit typically indicates an increase in assets or expenses, or a decrease in liabilities or equity. When you see a debit in your bank account, it usually means money is being taken out, which can imply that you owe money if it leads to a negative balance. In contrast, a credit generally indicates money coming in. Therefore, debits can signify that you owe money depending on the context.
What are credit and debit balances in accounting?
A credit balance shows up on a vendor statement when you have returned defective goods, for example. You can call the vendor and request a check for that amount or apply it to any outstanding balance that you owe that vendor. Do you mean "debit memo" instead of debit balance? A debit memo is sent to a vendor to let it know that you are making a deduction from what you owe to cover defective goods, a short shipment, a price reduction, or some other matter. When the vendor receives the debit memo and agrees with your reduction, it will send you a credit memo. And then, you may have a credit balance on your account- depending on whether or not you owe them any money.
Why debit is indicated by dr?
It is short for the Latin 'debere' - 'to owe'. Debit and debt come from that word.
Is a credit issued to a customer a debit or credit to Accounts Receivable?
Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.
What does a minus balance on acredit card mean?
If your credit (not debit) card has a negative balance on your statement, then there is an overpayment (you paid more than you owe). So now they owe you money. This is usually applied towards future charges.
What is your balance on your account?
The balance of your account is the amount of credit or debit of your account. That is how much you have or how much you owe.
What is notes payable debit or credit?
Credit. It goes towards your credit balance. It's money you owe.
