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Can you cancel a payment made by credit card for goods purchased?
Wiki User
∙ 14y ago
Yes if you cancel befor the goods are dispatched because you will have to send them back otherwise and that takes time.
Wiki User
∙ 14y ago
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What are the journal entries you write for Goods Purchases?
When Goods purchased on cash[Debit] Purchases xxxx[Credit] Cash/bank xxxxWhen purchased on credit[debit] purchases xxxx[credit] accounts payable xxxxWhen actual payment:[debit] Accounts payable xxxx[Credit] Cash / bank xxxx
Can you use purchased goods for construction loan down payment?
Banks do not accept goods as payment for a mortgage.
If you open an irrevocable Letter of credit and the supplier does not supply you with the goods that you ordered specifically can you cancel the letter of credit prior to shipment of goods?
You can't cancel the letter of credit without the permission of the beneficiary, if the L/C is irrevocable.
What is a Arrangement for deferred payment for goods and services?
credit
What is payment of goods purchased today due in 30 days called?
Accounts receivable is the payment of goods purchased today due in 30 days. It can also be called loans or allowances.
What is the journal entry goods purchased?
[Debit] Goods Purchased xxxx [Credit] Cash / bank / accounts payable xxxx
What are the payment terms of a letter of credit and how do you cancel it?
A letter of credit is a letter from a bank that states that you have certain funds available. It is typically then provided by you to another party or bank, often abroad, so that goods are released for shipment or delivery to you. Ask your bank what they require to provide one. A letter of credit is not a credit card, loan, etc.
Define account payablereceivable and how to techinical tretment in account?
Account Recieveable: It is the person to whom you sale goods on credit and amount is recieveble to some future timeAccount Payable: It is the person from which you purchased goods on credit and agreed to pay in future.Accounting Entries:Account Recieveable:When good sold on creditAccounts recieveableSalesWhen receive the amountCash/Cash EquivalentAccounts RecieveableAccounts Payable:When goods purchased on creditPurchasesAccounts paybleWhen payment madeAccounts payblecash/cash equivalent
What is a form of loan ability to buy goods based on future payment?
Credit
What do on credit means?
The practice of permitting a buyer to receive goods before payment
What is used by a seller of goods to receive payment or to extend credit?
Trade Acceptance
Difference between buyers credit and letter of credit?
Buyer's credit is extended to finance the purchase of goods or services. A letter of credit guarantees that a payment will be received. If the buyer doesn't make a payment, the bank has to pay.
