How do you record a refundable deposit for an internet service in a double entry accounting journal? What accounts should be used ?
Answer:
Debit: Refundable Deposit $xxx
Credit: Cash $xxx
Also, You may appropriately indicate which corresponding account is affected, example, refundable deposit - internet or refundable deposit - telephone and similar accounts.
Saturday, August 6, 2011
Subscribe to:
Post Comments (Atom)
Popular Accounting Problems
-
The December 31, 2006 Balance Sheet of Business Card's Company shows Assets on the balance sheet of $35,000 and Liabilities of $23,0...
-
The following are examples of fixed costs and variable costs : Indirect labor- fixed costs could be variable under certain circumstances Ind...
-
What are the main differences between a discretionary fixed cost and a committed fixed cost? Definition of discretionary fixed cost and co...
-
A toilet manufacturer is considering building a new production plant in a new town. It will require an initial capital investment of $12 mil...
-
Manufacturing costs are typically classified as either (1) direct materials, (2) direct labor, or (3) manufacturing overhead. Fixed manufa...
-
Examples of Current Liabilities Current liabilities are only liabilities that will be paid within one year Short-term borrowings Cur...
-
Use this equation to calculate the Direct Material (DM) Purchase Budget for a manufacturing company: Amount of raw material required for p...
-
A bank reconciliation is created by accountants periodically to display the differences between cash reported on a companies bank statement...
-
Preferred Stock Example Problem: A yacht manufacturing company has issued perpetual preferred stock outstanding with a par value of $100 ...
-
A company has a bond that has a $ 1000 (face value of bond) and a contract or coupon intrest of 11.5%. The company's bond has a curren...
No comments:
Post a Comment