The balance in the j. Higgins, withdrawal account was $4,700. the entry to close the account would include a debit to J. Higgins, Capital, $3,200.
A direct debit is a record of the amount deducted from your bank account, such as when you write a check. The total debits must balance the total credits. Synonyms: Payment, Liability, Payment, Obligation Other synonyms for direct debit.
In accounting, a credit is an entry that records a decrease in an asset or an increase in a liability, and a decrease in expenses or an increase in income (as opposed to a debit that does the opposite). Thus, credits increase net income on the company's income statement, while debits decrease net income.
A direct debit is a payment made or debited or an indication of the amount debited. Attempting to track a mysterious $2 withdrawal from a bank account is unlikely to succeed, but it should be done anyway.
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