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What account is affected when you received cash for work to be done in the future?
Wiki User
∙ 10y ago
Increase in asset; increase in liability. Receiving money is revenue. receiving money you haven't earned yet means you owe that work. What you owe is a liability.
Wiki User
∙ 10y ago
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What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
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.
What is the journal entry of received rent?
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
What accounts are affected when paying on account?
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What is the future cash flow of cash?
The term "future cash flow(s)" describes cash that will be received in the future.
Received cash on account 300 which part of assets increase?
The answer is in your question actually. If you received cash on account the asset of CASH will increase, while the asset of Account Receivable will decrease.Since you received cash it is assumed that they paid you cash on a balance that they owed you, so the journal entry would be a debit to cash (increase) and a credit to accounts receivable (decrease)
When cash is paid to suppliers on account which section of the statement of cash flow is affected?
cash flows from operating activities
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.
What is the journal entry of received rent?
Basic entries are as follows: Debit Bank Cash Book account with the Cash amount received Credit Rental Income account with Cash amount received
What accounts are affected when paying on account?
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
What accounts are affected when recording cash received from clients for fees earned?
Debit Cash and cash equivalents. Credit Revenues or Sales.
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
Which part of the accounting equation does a sale on account effect?
by sale on account you mean goods sold to the costumer but the cash was not received immediately. the accounting equation for credit sales is to CR the revenue/sales/turnover in your income statement. DR the receivables account on the balance sheet. after the cash is received. CR the receivables account. DR the cash account.
What accounts are affected and how when merchandise is purchased for cash?
no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
What will be the journal entry for commission received?
[Debit] Cash account xxxx [Credit] Commission received xxxx
