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Hello,
I have a prepaid card I use at charging stations to charge my electric vehicle. I add a balance to it each month (prepaid asset) and reduce the balance from the card each time I charge (expense). When I add the balance each month, depending on how much I add I get a free % amount added to the card (ex If I add $100 i'll get $5 extra for free). What is the other side of the entry to account for the $5? So far I have:
DR Prepaid Charging $105
CR Credit Card $100
CR ????
CR ???
should be
CR Other Income
That is what I assumed, however is it still considered as Income (for tax purposes), even if this extra $5 can only be used to charge?
That is what I assumed, however would this still be considered income (for tax purposes) even if the gain is only used for purchase of more charge?
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