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If 500 of cash received are debited to debtor ledger control account instead of crediting what effect will happen?
Wiki User
∙ 10y ago
debtors are overstated by 500 as it is meant to be credited so assets will be overstated by now 500+500 =1000 because we r also debiting bank due to the cash received
Wiki User
∙ 10y ago
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Is commission received debited or credited in the cashbook?
Commission received is credited and cash is debited
What does it mean if your account is debited?
It simply can mean anything. If its a personal account it means I received something. If its a Real Account then that means that an asset has increased. etc etc etc....
Is debited a deduction?
yes debited is a deduction from the account as it only taked whats int your account out if you have enough
When a check is received for the full payment of an AR account which of the following steps do you need to take?
Make sure that the customer account is credited and that cash is debited.
What is sales ledger control account?
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
Why bank account is debited when commission is received?
commission is an asset
When a fixed asset is disposed which account is debited?
Accumulated depreciation as well as any loss on disposal as well as if any cash received these three accounts are debited.
Is commission received debited or credited in the cashbook?
Commission received is credited and cash is debited
What does it mean if your account is debited?
It simply can mean anything. If its a personal account it means I received something. If its a Real Account then that means that an asset has increased. etc etc etc....
Is debited a deduction?
yes debited is a deduction from the account as it only taked whats int your account out if you have enough
When a check is received for the full payment of an AR account which of the following steps do you need to take?
Make sure that the customer account is credited and that cash is debited.
What is sales ledger control account?
Sales control account is a summary of transactions relating to the debtors balance.the debtors ledger account is debited when there is an increase of the debtors balance and credited when there is a reduction of the debtors balance
When the seller is paid the customer's account is.credited or debited?
debited
A customer's check received in settlement of an account receivable is considered cash?
A check received from customer will be credited to his account , hence his earlier debit balance will be reduced . simultaniously it will be debited to bank account , hence bank balance will be increased
When December rent is paid in November which account is debited?
Prepaid Rent is debited.
When December rent is paid in November to which account is it debited?
Prepaid Rent is debited.
How do you record a check received on a balance sheet?
A check received doesn't actually go on the "balance sheet" but instead is debited to the cash account. When receiving a check, debit cash and credit the appropriate account for the transaction.
