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Why is cash debit in the book of accounts whereas it is credit in the bank statement?
Wiki User
∙ 10y ago
Because it's taken from the company's cash balance - and credited to the company's account. The company's books must balance - therefore, the cash is taken from one account and paid into another.
Wiki User
∙ 10y ago
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Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
Is prepaid accounts a debit or credit?
It's a debit
Is rates and taxes debit or credit?
It is debit on your accounts
Is Revenue accounts increase by credit or debit?
revenue accounts increase by credit
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
Credit vs debit?
Debit is the left side of accounting statement and Credit is the right side of accounting statement. By debit we mean something comes inside the organization and by credit we mean, something goes outside the organization. That means debit means inflow and credit means outflow. For Example, we write Accounts Recieveable at, cash in hand, cash at bank, and assets at the left side of accounting statement as debit and write Accounts Payable, Bonds Payable, Bills Payable and other liabilities at the right side of accounting statement as credit. Hope answer the question
Why is Accounts payable considered a debit on trial balance?
It is NOT, accounts payable is never considered a debit on any financial statement. Accounts Payable is a liability that a company owes and therefore must maintain a "credit" balance.
A decrease to accounts payable is a debit or credit?
debit
Is prepaid accounts a debit or credit?
It's a debit
Is rates and taxes debit or credit?
It is debit on your accounts
Why balance sheet is not an account?
An account is a record that represents a single thing to the company. Balance sheets represent multiple accounts. Accounts can at one time only be either a debit or a credit. A balance sheet is a collection of certain accounts presented in a statement, and includes both debit and credit accounts.
Is Revenue accounts increase by credit or debit?
revenue accounts increase by credit
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
Is Accounts Payable a debit or credit on the trial balance?
debit
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
What is the order of the accounts in preparing t accounts?
debit and credit
