Accounting credit vs debit
[DOC File]ACCOUNTING FOR LAWYERS - NYU Law
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13. If the direct write-off method is used, the only alternative is to debit Cash and credit a revenue account entitled Uncollectible Amounts Recovered. If the allowance method is used, then the accountant may debit Accounts Receivable and credit the Allowance for Doubtful Accounts.
[DOCX File]Module 2: Accounting Cycle .com
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debit Fees Earned $47,000; credit Income Summary $47,000 The proper sequence for the steps in the accounting cycle is a follows: ________. analyze and record transactions, post transactions to the ledger, prepare a trial balance, analyze adjustment data, prepare adjusting entries, prepare financial statements, journalize closing entries and ...
[DOC File]Chapter 5 Chart of Accounts and Accounting Structure
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Every period, debit bad debt expense and credit ADA based on this percentage every month. For an actual writeoff, debit ADA and credit A/R. For a recovery of bad debt, debit cash and credit ADA. Because ADA is a forecast of doubtful accounts, a specific recovery will have no effect on bad debt expense. Inventory accounting methods. Perpetual ...
How to Do Debits and Credits: Expert Accounting Advice | wikiHow
DEBIT OR CREDIT. 1. An entry on the right side of an account. Debit Credit. 2. Will increase an asset account. Debit Credit. 3. Will decrease the balance in Accounts Payable. Debit Credit. 4. A general journal entry will have this listed first. Debit Credit. 5. The normal balance for Rent Expense. Debit Credit. 6. To decrease Accounts ...
[DOC File]DEBITS & CREDITS
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General Journal Page 1 Date Account Title P.R. Debit Credit 20-- Sept. 30 Interest Receivable ($10,000 x 9% x 4/12) 300 Interest Revenue 300 (To accrue 4 months interest) When interest has been accrued, it is necessary to credit Interest Receivable at maturity. The entry to record the honoring of the note:
[DOC File]ANSWERS TO QUESTIONS
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Debit balances appear in the left column and credit balances in the right column. The trial balance proves the mathematical equality of debits and credits after posting. In the trial balance, the closing balances of the accounts in the general ledger are shown along with balances from the cash book.
[DOC File]CHAPTER 9—VALUING ACCOUNTS RECEIVABLE AND …
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debit. status. Allowance Accounts should be in . credit. status. Cash: Accounts 000100 – 004999 . Do not use cash account 000100 on any transaction. It is maintained at the System level of the University, and the PeopleSoft Finance System has been programmed to …
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