Difference between debit and credit, Accounting Basics

Assignment Help:

Difference between Debit and Credit

Debit-used to record employer's FICA taxes, state unemployment taxes and federal unemployment taxes incurred during an accounting period.

Credit-closed to Income Summary at the end of accounting period (along with all other expenses).

Related Discussions:- Difference between debit and credit

BRS, what is the BRS

what is the BRS

Proprietorship , After adjustments and the closing of revenue and expense a...

After adjustments and the closing of revenue and expense accounts at February 28, 2015, the end of the first full year of operations, the income summary account has a credit balanc

Inflation budget, An inflated budgeted expense account

An inflated budgeted expense account

Taking a physical inventory in periodic inventory procedure, Q. Taking a ph...

Q. Taking a physical inventory in periodic inventory procedure? Taking a physical inventory in periodic inventory Procedure Company personnel determine ending inventory cost by

BOOK KEEPING, what is book keeping?

what is book keeping?

Example of sales cycle of company, Q. Example of sales cycle of company? ...

Q. Example of sales cycle of company? For several retailers a large percentage of their annual sales occur during the period from Thanksgiving to Christmas. They efforts to sto

What is the center of gravity, A supplier to the electric utility industry...

A supplier to the electric utility industry produces power generators. The Transportation costs are high. One market area includes the lower part of the Great Lakes region

Describe about fixed assets, Q. Describe about Fixed Assets? Fixed Asse...

Q. Describe about Fixed Assets? Fixed Assets can't be quickly turned into cash without interfering with business operations.Fixed assets comprise buildings, land, machinery, fu

At the end of the current year, At the end of the current year, $19,900 of ...

At the end of the current year, $19,900 of fees have been earned but not billed to clients. • a. What is the adjustment to record the accrued fees? Indicate each account affecte

Copy constructor, Can a copy constructor accept an object of similar class ...

Can a copy constructor accept an object of similar class as parameter, in place of reference of the object?

Write Your Message!

Name

Email id

Message

Verfication Code

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

User Account

All Pages