Basic things to remember

Question 1

Why do we not have a line of credit?

Answer 1

A line of credit is typically based on net30 or net60 clients with accounts receivable. We don’t have much accounts receivable to we could only get around $25k.

Question 2

Why can we not use KIT/KER state of KS funding?

Answer 2

We do not offer health insurance.

Question 3

What does debiting an asset account do?

Answer 3

ABCD Asset buy connectors debit.
Debiting an asset account INCREASES the asset account. Example: If you debit the asset account Jewelry FG by $1,000 it will increase the asset by $1,000.

Question 4

What does crediting an asset account do?

Answer 4

CAD - what we want to happen!
Crediting an asset account will DECREASE the asset account. Example: If you credit the asset account Robes RM by $50 there will be $50 less in the account. You credit the account when a customer buys.

Question 5

What does debiting an expense account do?

Answer 5

DED - not done very often. Debiting an expense account will DECREASE the expense account. Example: If you debit the COGS Suits account it will decrease the amount we have spent on suits.

Question 6

What does crediting an expense account do?

Answer 6

CEI
Done a lot. Crediting an expense account increases the account. You purchase pens for $20. The office supply account will increase.

Question 7

How to count all text data in google sheets containing a specific word?

Answer 7

=COUNTIF($D$1:$E$999, “jenna”)

Question 8

What does pre-tax mean?

Answer 8

The employee will have reduced taxed.
Example:
I signed up to pay $20 a month for Wellness.
This $20 will reduce my salary and taxable wages so my taxes on my checks will be lower