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If A customer calls in to cancel her account claiming she has received a lower price from a competitor what would you do?
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What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What account is credited when a payment is received from a customer?
Accounts receivable
Is receiving payment from account customer a liability?
Because money is being received from customer we are not owing.
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
What is 3C Model for price Setting?
The 3 C's model for setting pricestakes into account the customer, our costs, and the competition. Customer's perception about the various attributes of the products, competitor's pricing and our own total costs.
A customer's check received in settlement of an account receivable is considered cash True or false?
true
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.
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
Accompanying the bank statement was a debit memo for an nsf check received from a customer?
This means that a check you took from a customer could not be deposited into your account because they did not have the money to cover their check. The bank deducted the amount of the check from your account.
When the seller is paid the customer's account is what?
The customer's account is credited.
