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Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
How is recorded a cash payment received from a customer for a product purchased on account?
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
A purchase of supplies for cash is recorded in the?
cash payment journal
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
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
If a company returns defective supplies that were purchased for by cash and receives cash refund is this transaction recorded in Cash Receipts Journal?
Yes, the transaction of returning defective supplies and receiving a cash refund would typically be recorded in the Cash Receipts Journal. The entry would involve debiting the accounts payable or purchases returns account for the amount of the defective supplies and crediting the cash account for the amount of the refund received.
A purchase of supplies for cash is recorded in the?
cash payment journal
Cash received from customers as payment for their bills is recorded by a?
cash discount
Which journal entry records payment for supplies?
The journal entry to record payment for supplies would involve crediting the cash account and debiting the supplies expense account.
Does a increase in salaries payable decrease cash?
Increase in salaries payable increases the cash account as cash is not paid and due to non payment of cash, cash account showing more balance then it would be if salaries paid already.
The purchase of a truck with a down payment was recorded as a pure cash purchasethis error would cause?
liabilities would be understated
The purchase of a truck with a down payment was recorded as a pure cash purchase this error would cause?
Liabilities were underrated
How do you record loan using cash basis accounting?
When the money for the loan is received it is recorded as cash. Payments are not recorded until the actual payments are sent out. This will be recorded as a debit to a loan expense account and credited directly to cash. The interest is debited directly to an interest expense account and credited directly to cash for the same payment. A compound entry can be used for this purpose. There is no loan payable or interest payable accounts for cash basis accounting.
