Why a debit goes on the left and a credit on the right, where does this procedure began?
352071
Ok...this is an easy question with a complex answer.  Debit is latin for left and credit is anything that goes on the right.  Think about a balance sheet with assets on the left and liabilities and equity on the right.  To increase accounts on either side of the balance sheet, you have to use a debit/credit (which ever one corresponds to the side of the account that you are increasing).  Decreases in an account use the opposite placement.  For example to increase cash (an asset), you would use a debit.  Lowering cash would use a credit.  A note payable (a liability and on the right side of the balance sheet) is increased by crediting and decreased by debiting.  \n\nRemember that all income statement accounts close to Retained Earnings (an equity item and on the right side of the balance sheet).  Revenues and gains increase this account while expenses and losses decrease this account.  Therefore, revenues are credits (because they increase retained earnings when net income is closed to the balance sheet) and expenses are debits.  This is the best way I have of thinking about this relationship.  Hope it helps.
720648
In my view, you can make the following journal entry:\nDrawings a/c to be debited\nCash a/c to be credited
874352
some banks have whats called a second chance account with limitations and a probational period  meaning that if you have messed up with other banks they give you a chance to get yourself together .you may have to build your relationship with the bank before they let you get a debit card or checks,but its for your safety so that you don't mess up another account.
626062
It makes NO difference on your part. Check card works either as credit card or debit card. In either case, the amount is deducted from your account immediately. The reason the bank gives you the choice is because some stores (like some small stores, restaurants or stores overseas) don't have machines to process debit cards. When you use it as credit card, don't expect to get the same kind of service as you get from your regular credit card company (which is not tied into your bank account). You will not be able to dispute your charge or even get a copy of receipt from the bank since it is treated just like debit card purchase at the bank. Some banks give you incentives to use your check card as credit card because they can charge the store a few percent more for credit card use than debit card use. For the same reason, some stores prefer you using debit card because they pay less to the bank for each processing. Again, it makes no difference to you unless you want to get cash back, in which case, you want to use it as debit card. And of course, if your bank either penalizes or rewards you for using it one way, then, that is a consideration.\n\nP.S. If you ever buy something on line from a store you have never heard of, or buying something from some small somewhat suspicious looking business owners, don't use your check card (either debit or credit) but use your real credit card. There is no recourse for the payment made with your check card and they may get access to your checking account.
135951
Sorry, I have to disagree with everyone else - Left hand itchy, money coming in - Right hand itchy, money going out. Mainly because most people reach for their wallet (when paying for something) with their right hand....
544216
I did a search and nothing solid turned up aside from this site:  http://www.adamswells.com/~firstpres/fpc4.htm\n\nI suggest you contact your credit card company and inquire for more details.  If they aren't able to furnish any more details  about the business that charged you I suggest you dispute the charge (you have every right to).
1002446
Date              Particular                       Debit       Credit\n\n12 July          Equipment                      4500\n                         Shop A/c payable                         4500                   \n\n21 July          Shop A/C Payable          2400\n                          Bank                                            2400\n\nThat's it. The balance will than be dealt  with in the ledger A/C. You don't balance it here. Instead of Shop A/C Payable you can also right the name of creditor.
22854
Actually, my Visa Check Card acts as 3 in one. It's my atm card as well as debit. But it also acts as a credit card. When charged as credit, it just takes it out of my account.
381235
It means they reverse the transaction
1063956
If they do - change your bank. I've never had a charge for using a debit card. If I withdraw money from ATMs not associated with my bank - then there is a charge. If you use a credit card to withdraw money - you pay a charge and interest from the date of withdrawal. In the UK, it's wise to use a credit card for purchases over £100 because you get legal protection if something goes wrong.
910069
a debit card has a Visa or Mastercard logo making it able to be used just like a credit card. An atm is able to do that as well but only at places that dont require your card to have a credit card logo on it...in other words, the debit card will be accepted more places than just an ATM card.
812755
My account number is by my sort code on my debit card, but it isnt on all. i would refer to a bank statement if i was you. It is 8 digits long. I work in a payroll office and there can be loads of problems if you get it wrong
774146
One is a debit to the account and one is a credit (deposit) to the account.
95904
The first two answers your question received are correct, in a limited sense, but there are great differences that they failed to mention.\n\nThe biggest difference to you, as a consumer, might be the protections available to you when you use a debit or credit card to make a purchase.\n\nIf you use a credit card to purchase something, and you find that the item is faulty, or not as advertised, or the seller fails to deliver it in proper order, or perhaps fails to deliver it at all, you can challenge the charge and if you can substantiate your case, the charge can be reversed.\n\nIf you use a debit card, you are guaranteed no such protections.\n\nI'm not recommending you cut up all your debit cards and use only credit cards, just pointing out a major difference between credit and debit cards, which is what you asked about.
965927
Actually read your promissary note, in it you will see a clause called Right Of Offset.  While they have the right to offset this monthly obligation with any other asset you have within the bank.  They don't have the right to overdraft an account to execute this right causing you to incurr additional nsf fee's and possibly daily overdraft fee's.  If this transaction is the transaction took you into a negative balance you can actually file a complaint with States Attorney General's Office and even possibly your local Office of Thrift Supervision.  If however, other transactions came through the account that day they will argue that you overdrew your account with those other transactions.\n\nAt best you will get your fee's reversed but the payment is what they are legally entitled to.\n\nBest of luck and yes it's time to close your checking account and open it at another bank.  It will eat them up inside to know they can never exercise that right again.  Also do it now, because if you can not bring this account back into the positive balance quickly the will close it for you and report you to a company called Chex Systems.  If they do this you will not be able to open an account at any bank in the US until that reporting is cleared up.
786898
im led to believe they charge you if the other person is using a credit card  if they use a debit card they dont
1137678
That is the question of "double entry book keeping system".\nIn this system each and every transaction has a double effect in the books of accounts.\nCash book is also called the cash ledger where are coming only the items that have the cash effects.\nContra entry is the entry that has corresponding effect.\nFor example, on end of year we are charging depreciation to assets that is the contra entry \nDepreciation expense                   Dr.\n           Accummulated dep.                           Cr.