Prepaid expenses are initially recorded during the normal accounts payable process, when a properly approved invoice or contract is paid. The prepaid expense is initially created by debiting the asset, and is offset by a credit that reduces cash. This initial step only affects the balance sheet....
In this period, most stores are full of people trying to buy their holiday supplies and gift for their loved ones. With the extremely long queues that characterize holiday shopping losing cash or getting pick-pocketed may not be a hard thing. Loading your prepaid card with the funds you ...
To illustrate, let’s assume a construction company purchases $10,000 worth of office supplies in January. As time goes by and the supplies get used, you have to make adjusting entries on yourfinancial statementsto convert these supplies into an expense. Now, it would be ridiculous to make ...
5.3 If the Available Balance is insufficient to pay for a Payment, some Merchants will not permit you to combine use of a Card or Account with other payment methods.5.4 The value of each Transaction and the amount of any Fees payable by you under this Agreement will be deducted from the ...
Prepayment for insurance is a normal part of both business and private life. If you do not pay an insurance premium, your insurer may decide to cancel your policy, which could be disastrous.Paying in advanceavoids that risk. This applies to most of the insurance you pay as a business owner...
The type of account and normal balance of Accumulated Depreciation are: a) contra asset, debit b) asset, credit c) asset, debit d) liability, credit e) contra asset, credit For an airline company, what type of account is the Fuel Oil account? a. asset b. liability c. owner's...
Bluebird debit card has issued by American Express and in association with Walmart, offers more than the normal prepaid charge card, and you can add money and can use the cash without paying any fees. In any case, Bluebird has limits with regards to vendor acknowledgment, and it doesn't ...
Which of the following accounts has a normal credit balance? a. Prepaid Rent b. Notes Receivable c. Rent Revenue d. Rent ExpenseWhich of the following accounts would normally NOT have a credit balance? A) Accounts Paya...
and make calls against a balance record maintained in a prepaid system database of the carrier serving the customer; the balance is reduced as the customer makes calls and when the balance reaches zero the customer can no longer make calls based on the prepaid account. The mobile customer must...