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There's some misinformation circulating on social media right now. A specific post resembling a store sign or printed notice claims you can avoid paying taxes on PayPal and Venmo transactions if ...
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A customer's periodic bank statement generally shows transactions from the bank's perspective, with cash deposits characterized as credits (liabilities) and withdrawals as debits (reductions in liabilities) in depositor's accounts. In the company's books the exact opposite entries should be recorded to account for the same cash.
New year, new tax rules. For small business owners or independent contractors, this change, introduced via the American Rescue Plan, might make a big difference in your accounting. See: 4 Ways to ...
For example, if a bank in the United States makes a loan to a customer by depositing the loan proceeds in that customer's checking account, the bank typically records this event by debiting an asset account on the bank's books (called loans receivable or some similar name) and credits the deposit liability or checking account of the customer on ...
Cash in checking accounts allow to write checks and use electronic debit to access funds in the account. Money order is a financial instrument issued by government or financial institutions which is used by payee to receive cash on demand. The advantage of money orders over checks is that it is more trusted since it is always prepaid.
In turn, for this tax season, the reporting requirement for payments above $20,000 and exceeding 200 transactions within the calendar year will remain, instead of the much lowered new $600 amount.
Liability accounts are used to recognize liabilities. A liability is a present obligation of an entity to transfer an economic benefit (CF E37). Common examples of liability accounts include accounts payable, deferred revenue, bank loans, bonds payable and lease obligations. Equity accounts are used to recognize ownership equity. The terms ...