0
Want this question answered?
Be notified when an answer is posted
Add your answer:
Earn +20 pts
Is trade debtors a debit or credit transaction on the trial balance?
credit
Is sundry debtors have debit or credit balance?
Sundry Debtors always have Debit balance, if it is showing credit balance ie, Advance paid by Sundry debtors or your customers, if you are given discount after making the invoice, or excess payment done by your customers then the Sundry Debtors balance will be Credit. Regards, Ajish
What is journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
Does a debit decrease liability?
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
How you record a credit sales?
credit your stock for stocks going out of the account debit the debtors for stock going into his account
Is trade debtors a debit or credit transaction on the trial balance?
credit
Is sundry debtors have debit or credit balance?
Sundry Debtors always have Debit balance, if it is showing credit balance ie, Advance paid by Sundry debtors or your customers, if you are given discount after making the invoice, or excess payment done by your customers then the Sundry Debtors balance will be Credit. Regards, Ajish
What is journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
Does a debit decrease liability?
Yes, a debit decrease liability and a credit increase liability. if a debtors/customer make the repayment obligation, it will decrease debtors, meaning decrease in liability.
How you record a credit sales?
credit your stock for stocks going out of the account debit the debtors for stock going into his account
What is the journal entry of Advance received from debtors?
Debtors are those customers who purchase goods from company on credit so no advance can be issued by debtors. on the other hand advance can be received from customers and accounting entry is as follows: [Debit] Cash / bank [Credit] Unearned revenue
What is debit and credit in accounts?
Debit refers to the left side, and credit to the right side.Balance sheetFor example: A balance sheet has a left side (debit) including the assets and a right side (credit) showing the liabilities and equity. T-accountLikewise, a T-account (used to record transactions) has a debit side and a credit side. For some T-accounts the debit side means increases (and credit decreases), while for other T-accounts it is the reverse.
Is prepaid insurance a debit or credit?
Debit
Is allowance for bad debts debit or credit?
It depends on how you do it. If you use a place that consolidates your debt by asking credit card companies & the like to reduce your debt or interest rate, then yes, it could be harmful to your.The Allowance for bad debts will go the on the debit side of the Balance Sheet. If total debtors are 20000 and 5% is allowed as allowance for bad debts then 19000 will be shown as debtors and 1000
Journal entry for Credit sales with Discount?
Debtors a/c Dr. Discount expense a/c Dr. To Sales a/c
Does cash on hand have a debit or credit balance?
credit
Formula for calculation for debtors credit period?
average debtors/credit sales X 365
