Accounting -please support me! Failing!?
merry-go sales consultants completed the following transactions during the latter sector of October:October 22 performed service for customers on depiction , $6000
October 30 received cash on details from customers , $2,000
October 31 received a utility bill, $200, which will be paid during November
October 31 compensated monthly salary to salesman , $3,000
October 31 Paid exposure expense of $900
Answers: Good for Merry-go. A question would be advantageous.
I don't know what is your question. This is how you journal transactions.
10/22 Dr. Accounts receivable 6,000
Cr. Income-consulting 6,000
10/30 Dr. Cash 2,000
Cr. Accounts receivable 2,000
10/31 Dr. Expense-utility 200
Cr. Accounts payable 200
10/31 Dr. Expense-salary 3,000
Cr. Cash 3,000
10/31 Dr. Expense-advertisement 900
Cr. Cash 900
For just these transactions,
Total Income 6,000
Total expenses 4,100
Profit or (loss) 1,900
Balance sheet:
Cash (1,900) cr
Accounts receivable 4,000 dr
Accounts payable 200 cr
Equity:
Retained profits 1,900 cr
Good luck for rest of the course
I need to purchase something through Internet. The merchant one and only accept Credit Cards?
After I give contained by my credit card details, is it possible for the seller to misuse my credit card by debit my account near a larger sum than mentioned or whenever in call for, he may keep getting change out of my account? Someone please donate me proper guidance.Answers: It's possible, but it's also possible (and probably more likely) that a server will steal your credit card number at a restaurant you visit. If it's a "real" business you're buying from, I wouldn't verbs about it.
Credit cards provide extra protection for things like this. If something does ensue and they charge a bunch of stuff on your card, you're protected by your card agreement. They'll usually not hold you liable for fraudulent charges and credit any fees back to you.
Don't verbs about it, unless it's some website base out of Nigeria selling diplomas or something.
Look
http://epay.cybershimla.com and join.
They will offer you virtual credit card of any amount you wish.
Virtual credit card is similar to the regular credit card you may already possess.
It can be use beside any name & address on it.
You will capture the following detail which you need to enter into wholesaler website.
1. Virtual Credit Card number (VISA).
2. CVV Number ( 3 digit security code )
3. Expire date ( 3 month)
Whats a good starting credit card limit to start with?
Answers: I agree that $300-500 would be a good start but often that is not up to you, it is what the bank will allow. If you can't acquire a credit card, go with prepaid credit card next as bigdaddy is right, you can't over draw this. Do not just go for a debit card for several reasons. First, too easy to overdraw because you may forget to write in every transaction. The money comes directly out of your checking account. Second, if you are the victim of fraud, the money is gone from your checking account and now you may not be able to pay your bills while trying to recoup them during your claim period where as if it is a credit card, it's not your money. Finally, you don't build any credit with a debit card. Use your credit card wisely to start building your credit score because you will need that higher score someday to buy a car, a house, business purpose, etc..
I agree with most of the other posters, 300.oo or 5 % of your monthly salary is a good start, use the credit card for gas and things like that, do not charge more than 33 % of its available balance and if possible payy it off at the end of the month.