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What are accounts receivables and accounts payables?
Accounts receivables are the money that is owed to a business, accounts payables are the invoices or bills that a company has incurred and must pay to their vendors or suppliers.A/R Accounts Receivables means that people owes you money, when you sell products or service and they have to pay in 30 days, 45 days, etc., So for example: If we sell $500 in goods or service and in the transition of 30 days, our A/R equals to $500. But if they pay in cash, our accounts receivable is $0, for accounts receivable definitionshttp://www.burtcollect.com/blog/accounts-receivable/Accounts Payable is the amount that you have on credit with another company. For Example let's say XYZ Company purchases a pallet of salt bags from ABC Company for $450 on credit. The XYZ Company would have have a Accounts Payable Account setup with ABC Company.
What is service factor?
Service factor is a measure of overload capacity at which an electric motor can periodically operate at without damaging the motor. for example, a 1 horsepower motor with a service factor of 1.15 can be run at 1.15 times its rated amperage without damaging the motor.
Is the mall a service?
no. it is a collection of services. although it may offer othe services
What is a good debt collection service in Toronto?
There are several acclaimed debt collection service companies in Toronto, Canada. These companies include but are not limited to the Global Collection Consultants Debt Collection Services and the Ontario - Toronto Canada Debt Collection Agency Services.
What is account receivables?
account receivables reflects those amount which the company has sold and payment for that sold items has not yet recieved so that amount will be booked as account recievables
What accounts are affected when services are provided on account?
Accounts Receivable - Debit Service Revenue - Credit
Which services are provided by the Internal Revenue Service?
tax collection and education.
How do you include TDS Service tax when finalizing accounts?
TDS on part of Accounts payable is entirely different. when we deduct the TDS from payments, we have to remit the same to govt by 7th of next month with out any fault. where as service tax is claimed as input (AP point of view) and will be in receivables (assets)
What is the main service provided by Velocity Credit Union?
Velocity Credit Union provides a full array of financial services to its members. These services include checking accounts, loans, savings accounts and investments. They do not list any one service as their "main" service.
What are account receivables?
Account recievable is a account that records the amount should be received . Accounts receivable are the short-term financial assets of a wholesaler or retailer that arise from sales on credit. This type of credit is often called trade credit. Terms of trade credit usually range from 5 to 60 days, depending on industry practice.
What Accounts are affected when the company provides services to a credit customer?
When a company provides services to a credit customer, the accounts affected are Accounts Receivable and Service Revenue. Accounts Receivable increases, reflecting the amount owed by the customer, while Service Revenue increases, indicating the income earned from the services provided. This transaction does not immediately impact cash until the customer makes payment.
What is the journal entry for providing service on account?
debit accounts receivablecredit services revenue
