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Prophet Carlton John...
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Does the person that cashed a returned the check get their credit affected?
Checking and sevings accounts have no effects on your credit. On both sides of the transaction
What are the steps of business transaction analysis?
1. Identify the accounts affected 2. Classify accounts affected. 3. Determine the amount of increase of decrease for each account affected. 4. Which account is debited? For what amount? 5. Which account is credited? For what amount? 6. What is the complete entry in the T account form?
What are the 6 steps of business transaction analysis?
1. Identify the accounts affected 2. Classify accounts affected. 3. Determine the amount of increase of decrease for each account affected. 4. Which account is debited? For what amount? 5. Which account is credited? For what amount? 6. What is the complete entry in the T account form?
What accounts are affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is accounts receivables factoring?
Accounts receivable factoring is a transaction by which a business sells their invoices to another company at a discounted price. It must be taken into consideration that this transaction is not a loan.
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
Do quotations get entered in to accounts and why?
No. Because it is not a transaction or a source document
Can a business transaction affect at least two accounts?
yes
What is the significance of ledger accounts?
to check the transaction at the end of the day
Can a business enter into a transaction in which only the left side of a basic accounting equation is affected?
yes ,business can enter into a transaction in which only the left side of the basic equation is affected
What does the Journal entry look like for an Accounts Payable transaction?
[Debit] Goods purchased [Credit] Accounts payable
How to calculate cash flow?
by preparing journal and ledger accounts of transaction
