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"what accounts are affected and how when a payment on account is received from a customer
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What account is credited when a payment is received from a customer?
Accounts receivable
When services are rendered but payment is not made which account would be increased?
Accounts payable
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What account is credited when a payment is received from a customer?
Accounts receivable
When services are rendered but payment is not made which account would be increased?
Accounts payable
Which accounts are affected by a laboratory receiving payment of 8000 for regularly carrying out water tests for the state?
Asset account and liability account.
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
When an accounts payable account is paid in cash the owner's equity in the business decreases True or False?
False. Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.
Responsible for payment?
The Accounts Payable clerk is responsible for providing payment on an account.
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
Why would Accounts payable increase?
payment to account payble has increase
Payment of accounts payable will have what effect on total assets?
Payment of account payable will reduce the total assets. When you pay your bills, you take money out of your account.
Where do you record an dishonoured cheaque in the jourals?
An dishonored cheque is typically recorded in the journal by debiting the bank account and crediting accounts receivable or the customer's account. This reflects the reversal of the payment that was previously recorded when the cheque was received.
