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Accounts receivable is that amount which is receivable in future and so it is an asset of company and that’s why like all assets it also has debit balance and shown in current assets portion of balance sheet.
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Is prepaid accounts a debit or credit?
It's a debit
Is rates and taxes debit or credit?
It is debit on your accounts
Is Revenue accounts increase by credit or debit?
revenue accounts increase by credit
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
Is Accounts Payable a debit or credit on the trial balance?
debit
A decrease to accounts payable is a debit or credit?
debit
Is prepaid accounts a debit or credit?
It's a debit
Is rates and taxes debit or credit?
It is debit on your accounts
Is Revenue accounts increase by credit or debit?
revenue accounts increase by credit
What is the journal entry for purchase on credit and sales on cash?
Debit: Purchases Credit: Accounts Payable Debit: Cash Credit: Sales
Is Accounts Payable a debit or credit on the trial balance?
debit
What is the journl entry for puchasing goods on account?
[Debit] Purchases [Credit] Accounts payable
What is the journal entry of credit purchase?
[Debit] Purchases account [Credit] Accounts Payable
Is a decrease in accounts receivable debit or credit?
A Credit entry reduces Accounts Receivable
What is the order of the accounts in preparing t accounts?
debit and credit
What are the three golden rules of accounting with examples?
Personal Accounts- Debit-The Receiver; Credit-The Giver. Real Accounts- Debit-What Comes In; Credit-What Goes Out. Nominal Accounts- Debit- All expenses and Losses; Credit- All Incomes and Gains.
How do you write off accounts payable?
Debit Accounts Payable and Credit either the account where the original debit was made or Credit Other Income
