"what accounts are affected and how when a payment on account is received from a customer
Accounts receivable
Accounts payable
debit to cash and credit to accounts receivable
debit to cash and credit to accounts receivable
Received cash from a customer as payment on account
Accounts receivable
Accounts payable
Asset account and liability account.
debit to cash and credit to accounts receivable
debit to cash and credit to accounts receivable
Received cash from a customer as payment on account
False. Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.
The Accounts Payable clerk is responsible for providing payment on an account.
account payable account debit to bank account
payment to account payble has increase
Payment of account payable will reduce the total assets. When you pay your bills, you take money out of your account.
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.