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A Credit entry reduces Accounts Receivable

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βˆ™ 2010-03-09 15:58:38
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Q: Is a decrease in accounts receivable debit or credit?
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Are accounts receivable a debit or credit?

Accounts receivable is a debit.Answer:Accounts receivable is an asset and therefore maintains a debit balance. This is an account listing what a person or company owes you, or money that you expect to receive. Since it is an asset (all assets maintain a debit balance) it means to increase the account you debit it and to decrease it (when a payment is made by the customer) you credit it.Assets = debit balance (increase with debit, decrease with credit)Liabilities and Owners Equity = credit balance (increase with a credit, decrease with a debit)(GAAP)


Is a Decrease in Interest Receivable a credit or debit?

a decrease in a receivable is a decrease in an asset therefore its a credit.


Returned damaged goods to supplier- what debit and credit account?

When you have returned damaged goods then you will need to credit accounts receivable and debit accounts payable. This will decrease your revenue for the account.


What is the double entry for sale?

Cash/Bank/Accounts Receivable [Debit] Sales[Credit]


Are accounts receivable a debit or credit on trial balance sheet?

Debit


What would the adjusted entry be for product sold on credit?

When product sold:[Debit] Accounts receivable[Credit] Sales revenueAdjusted Entry:[Debit] Cash / bank[Credit] Accounts receivable


How do you enter rent received and rent receivable in accounts?

Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable


A decrease to accounts payable is a debit or credit?

debit


What is the Journal entry for a customer returning merchandise delivered in poor condition?

[Debit] Sales returns [Credit] Accounts receivable


Does accounts receivalbe carry a credit or debit balance?

Accounts receivable is an asset of company and like all other assets accounts accounts receivable also has debit balance.


What to debit after increasinf accounts receivable?

the debit will be to the accounts receivable because a debit increases it. the offset account in this entry is usually a revenue account. so therefore a credit to revenue.


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