Cryptocurrency Q&A
Are professional fees debit or credit?
Are professional fees debit or credit?
ShintoSanctum
Sat Oct 26 2024
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6 answers
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I'm trying to figure out whether professional fees should be classified as debit or credit in accounting. I need to know how these fees are typically recorded in financial statements.
6 answers
KimonoElegantGlitter
Mon Oct 28 2024
Upon the provision of services, Professional Fees are credited.
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KatanaBlade
Mon Oct 28 2024
This account is classified as a revenue account, meaning it records income generated from the services provided.
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Luca
Sun Oct 27 2024
To reflect an increase in income, the Professional Fees account is credited.
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SeoulSerenity
Sun Oct 27 2024
The corresponding debit entry depends on the payment terms agreed upon with the client.
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Maria
Sun Oct 27 2024
If the client chooses to pay the full amount in cash, the Cash account is debited.
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