If Cash is increased with a debit, why does the bank credit your account when you make
Question:
If Cash is increased with a debit, why does the bank credit your account when you make a deposit?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 64% (14 reviews)
When you deposit money in your account the bank has a liabi...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Using Financial Accounting Information The Alternative to Debits and Credits
ISBN: 978-1133161646
7th Edition
Authors: Gary A. Porter, Curtis L. Norton
Question Posted:
Students also viewed these Accounting questions
-
You learned in this chapter that cash is increased with a debit. When you deposit your paycheque in your account, however, the teller might say that he or she is going to credit your account. Why?
-
If an asset account is increased with a debit, what is the logic for increasing a liability account with a credit?
-
If you deposit $10,000 in a bank account that pays 10% interest annually, how much will be in your account after 5 years?
-
describe Jarir bookstore by providing the followings: - A brief introduction regarding the history of this brand and its main activity? - Describe how and why the brand's activity has evolved through...
-
On January 1, 2017, Twist Corp. had cash and common shares of $60,000. At that date, the company had no other asset, liability, or shareholders' equity balances. On January 2, 2017, Twist paid...
-
In Problems 7 22, solve each inequality. x 2 + 7x < 12
-
Learn about sociotechnical systems theory.(pp. 382385)
-
What examples of primary research that Embraces founders completed appear in the case?
-
Question4 4 pts Net Sales revenue less cost of goods sold is called net profit. net income. O gross proft marginal income
-
A company that dumps its industrial waste into a river has to meet certain restrictions. One particular constraint involves the minimum amount of dissolved oxygen that is needed to support aquatic...
-
The payment of dividends reduces cash. If the Cash account is reduced with a credit, why is the Dividends account debited when dividends are paid?
-
Your friend presents the following criticism of the accounting system: Accounting involves so much duplication of effort. First, entries are recorded in a journal; then the same information is...
-
A career counselor claims that the mean annual salary of entry-level paralegals in Peoria, Illinois, and Gary, Indiana, is the same. The mean annual salary of 40 randomly selected entry-level...
-
Spitfire Company makes and sells three products: A, B, and C. The following data relate to these products: A B Demand in units Selling price per unit 110 100 90 $180 $210 $195 Raw material costs per...
-
NCF & Partners (NCF) is a firm of CPAslocated in Whitby that has been in business for 20 years. NCF's revenue has declined steadily over the past few years. The partners are looking for ways...
-
Task 4.2Written report Describe how you will present the menu to customers, for example, folders, covers, boards or binding. Include details of colour schemes, pictures, icons, logos, symbols and...
-
The American company "Amazonian", leader in food distribution, is starting operations in Brazil. They just hired a group of new managers who will lead several branches of the company in different...
-
1; Assume you are in charge of fundraising for an organization on your campusa social fraternity or sorority, a business fraternity, or any other such organization. It is your job to identify a...
-
List the five stages of a long-term service relationship. How can a practitioner of relationship marketing incorporate each stage into his or her strategy?
-
Consider the following cash flows in Table P5.5. (a) Calculate the payback period for each project. (b) Determine whether it is meaningful to calculate a payback period for project D. (c) Assuming...
-
Discuss the differences and similarities between the concepts of management and leadership.
-
Atlas Superstores occasionally finds itself with excess cash to invest and consequently entered into the following transactions during 2017: Jan. 15: Purchased 200 shares of Bassett common stock at...
-
Stegner Inc. reported net income of $130,000 for the year ended December 31, 2017. The following items were included on Stegner's balance sheets at December 31, 2017 and 2016:...
-
Lenox Corp. sold merchandise for $5,000 to M. Baxter on May 15, 2017, with payment due in 30 days. Subsequent to this, Baxter experienced cash-flow problems and was unable to pay its debt. On August...
-
nformation pertaining to Noskey Corporation s sales revenue follows: November 2 0 2 1 ( Actual ) December 2 0 2 1 ( Budgeted ) January 2 0 2 2 ( Budgeted ) Cash sales $ 1 0 5 , 0 0 0 $ 1 1 5 , 0 0 0...
-
The management team of Netflix maintains a stable dividend using the Lintner model: Dt+1 = Dt + EPS Target Payout Where Dt (Dt+1) = dividend in the current period t (the next period t + 1) EPSt =...
-
#1 #2 hapter 50 10 D Werences lav Help Required information [The following information applies to the questions displayed below) Archer Company is a wholesaler of custom-built air-conditioning units...
Study smarter with the SolutionInn App