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Where do you post personal drawings account in accounting?
You need to place a Debit in the "Drawings" T account, and a Credit in the "Bank" or sometimes called "Cash" T account to the value of the amount withdrawn from the business, equal amounts are required in each T account for your books to balance. Hope this was of help, Byron
Accrued interest vs interest payable?
Interest payable is the interest that has not yet been paid to the customer on the deposit. Accrued interest is interest that is accumulated over a period ,especially from last payment made to the customer. The primary formula for calculating the interest accrued in a given period is: where, T = number of days in the period/number of days in the year
What the meaning of TT in terms of payment?
A TT payment stands for telegraphic transfer or wire/swift transfer which is the cheapest and fastest. It is a legal way of remitting money overseas through any bank with Forex facility. T/T is just a payment method, but not payment term, so when you discuss the payment term with customers, you must say "T/T+date limit", such as "T/T in advance", "T/T before shipment", "T/T within 15days after shipment", etc. If only "T/T", you might wait a long time for the payments.
How can one recover a suspended ATTYahoo account?
When an AT&T Yahoo! account is suspended, the recover method depends on the reason for the suspension. In most cases, the suspension is because of an unpaid bill or outstanding balance, in which case sending payment in full will restore the account.
The simplest form of an account is?
T account
Does BB and T checking account earn interest?
No, only their savings account accrues interest.
Is the interest earn t in a bank account classed as an investment?
Interest earned in a bank account is not an investment. It is considered an income. The money that you have in the bank account that earned the interest for you is considered the investment
What is a loan payment interest calculator used for?
There are many uses for a loan payment interest calculator. I used them to calculate how long it will take to pay off my loan whether it is for a car, house, or even student loan.
Where do you post personal drawings account in accounting?
You need to place a Debit in the "Drawings" T account, and a Credit in the "Bank" or sometimes called "Cash" T account to the value of the amount withdrawn from the business, equal amounts are required in each T account for your books to balance. Hope this was of help, Byron
Is interest receivable considered an account receivable or other current asset?
It is considered a current asset as in it is not an account and should have a seperate t chart.
Do you have to have a balance on PayPal to buy on eBay?
No, you don 't have to have a balance in your PayPal account. If you have added your bank (or checking) account details and/or your card details to your PayPal account, you can make an "instant payment" for an item that you buy from eBay. With an "instant payment" money is automatically taken from your bank or card, paid into your PayPal account and then paid out immediately to the seller. All of this happens within seconds of you agreeing to make the payment.
A bank account yields 7 percent interest compounded annually If you deposit 1000 in the account what will the account balance be after five years?
Per annum compound interest formula: fv = pv(1+r)^t Where: fv = future value pv = present (initial) value r = interest rate t = time period Thus, fv = 1000*(1+0.07)^5 = 1000*1.4025517307 = $1402.55
Accrued interest vs interest payable?
Interest payable is the interest that has not yet been paid to the customer on the deposit. Accrued interest is interest that is accumulated over a period ,especially from last payment made to the customer. The primary formula for calculating the interest accrued in a given period is: where, T = number of days in the period/number of days in the year
Adam put $100 in a savings account. After 10 years, he had 1649 the account. What rate of interest did he earn Use the formula A= Pe^rt where A is the ending amount P is the principal (initial amount)r is the interest rate and t is time?
28%
June deposited 8459 i8n an account that pays 6 percent interest compounded annually find the amount she will have in the account at the end of 8 years?
Formula for annual compound interest: at the end of the term balance will be P x (1+ I/100)t where P is original investment I = interest rate and t = term. In this case P = 8459, I = 6 and t = 8, so the calculation is 8459 x (1.06)8 = 8459 x 1.593848 = 13482.36
What is the interest compounded annually when 5000 is invested in an account paying 6.38 percent interest for 10 years?
At the end of the first year, the balance in the account is: 5000(1+.0638). At the end of the second year, the balance in the account is: 5000(1+.0638)(1+.0638). At the end of the third year, the balance in the account is: 5000(1+.0638)(1+.0638)(1+.0638). At the end of the t year, the balance in the account is: 5000(1+.0638)^t. So, at the end of the tenth year, the balance in the account is 5000(1+.0638)^10 = 9,280.47. $5,000 is your principal, and the remaining ($9,280.47 - $5,000) = $4,280.47 is the interest.
What the meaning of TT in terms of payment?
A TT payment stands for telegraphic transfer or wire/swift transfer which is the cheapest and fastest. It is a legal way of remitting money overseas through any bank with Forex facility. T/T is just a payment method, but not payment term, so when you discuss the payment term with customers, you must say "T/T+date limit", such as "T/T in advance", "T/T before shipment", "T/T within 15days after shipment", etc. If only "T/T", you might wait a long time for the payments.
