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The journal entry to record a note received from a customer to apply on account is?
Wiki User
∙ 14y ago
I'm not sure if I have the question correct. However, I will answer it with what I believe you are asking.
If a customer pays a business money to be applied to their account the transaction in the journal is simple.
Since you are receiving money (cash) you will debit cash for the amount of payment.
Since the customer is paying on money they already owe on account you will credit their Account Receivable for the same amount.
In other words, Bob owes Systems Inc. $5,000 and decides to pay $500 towards the account
Cash (debit) $500 (this increases your cash by that amount)
Account Rec.-Bob (credit) $500 (this will reduce the amount he owes the company)
Wiki User
∙ 14y ago
Wiki User
∙ 9y agodebit note receivable
credit accounts receivable
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What is the journal entry to record letter of credit?
I received letter of credit from my customer how i have to enter my entries
How do you record cash received from a customer on a double entry journal?
debit cash / bankcredit accounts receivable
How do you record journal entry for cash?
if cash received then cash is debit while if cash is paid then cash is credit with other account towards which payment made or amount received.
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
What is the journal entry to record letter of credit?
I received letter of credit from my customer how i have to enter my entries
Where do you record an dishonoured cheaque in the jourals?
An dishonored cheque is typically recorded in the journal by debiting the bank account and crediting accounts receivable or the customer's account. This reflects the reversal of the payment that was previously recorded when the cheque was received.
How do you record cash received from a customer on a double entry journal?
debit cash / bankcredit accounts receivable
How do you record journal entry for cash?
if cash received then cash is debit while if cash is paid then cash is credit with other account towards which payment made or amount received.
How do you record depreciation in a journal entry?
[Debit] Depreciation Account [Credit] Assets Account
What journals do you use to record purchases on account purchases for cash and cash payments?
Purchases journal is used to record purchases on account while Cash payment journal is used to record purchases for cash and cash payments.
How do you record a journal entry for opening a cash account?
debit cash accountcredit bank account
What is difference between a cash payment journal and a purchases journal?
a cash payment journal is used to record only cash payment transactions where as the purchases journal is used to record ONLY purchases on account transactions
What is the journal entry to record outstanding debt in a new set of books when the cash was received by the old acquired company?
cash at bank dr account opayable cr
What is journal entry to record return of supplies on account?
debit accounts payablecredit supplies return account
What is the journal entry to record an accrued exp?
debit: expense account credit: account payable (vendor)
Where do you record a purchase of supplies on account?
This should be recorded in the cash payment journal.
