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What is the correct journal entry for electronic deposits from sales that are not on the books as accounts receivable?
Wiki User
∙ 9y ago
debit bank
credit sales
Wiki User
∙ 9y ago
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Receiving payment of a portion of accounts receivable will?
Correct Answer: not affect total assets.
What is the correct journal entry for accrued receivable?
debit accounts receivablecredit sales revenue
Does accounts receivables show how much money is owed to the company?
That is correct. If someone owes me money, then that is money that I am going to receive, if the loan is paid, hence that account can be classified as accounts receivable. If there is money that I owe, which I therefore intend to pay, then that is classified as accounts payable.
What happens when deposits are made to a bank account after year end and the bookkeeping is done for the year and the transaction was put in the books as being made at year end?
If deposits are made to a bank account after year-end but mistakenly recorded as being made at year-end, this would result in the financial statements showing incorrect information for that period. To correct this, an adjusting entry should be made in the subsequent period to reflect the deposits made after year-end. This will ensure that the financial statements accurately reflect the timing of the transactions.
What is posting key in sap?
All accounting entries requires Special posting keys to perform any specific kind of transaction like accounts payable entry will use separate posting key while accounts receivable entry will require separate posting key to perform transactions in SAP which insures the transactions in correct ledgers.
Should it be Matthew and Mark's accounts or should it be Matthew's and Mark's accounts?
"Matthew and Mark's accounts" is correct.
Why are control account balances reported in external financial statements while subsidiary account balances are not?
A control account is a summary account in the general ledger. The details that support the balance in the summary account are contained in a subsidiary ledger-a ledger outside of the general ledger. The purpose of the control account is to keep the general ledger free of details, yet have the correct balance for the financial statements. For example, the Accounts Receivable account in the general ledger could be a control account. If it were a control account, the company would merely update the account with a few amounts, such as total collections for the day, total sales on account for the day, total returns and allowances for the day, etc. The details on each customer and each transaction would not be recorded in the Accounts Receivable control account in the general ledger. Rather, these details of the accounts receivable activity will be in the Accounts Receivable Subsidiary Ledger. This works well because the employees working with the general ledger probably do not need to see the details for every sale or every collection transaction. However, the sales manager and the credit manager will need to know detailed information on individual customers, including whether a customer recently reduced their account balance. The company can provide these individuals with access to the Accounts Receivable Subsidiary Ledger and can keep the general ledger free of a tremendous amount of detail. Sourced: http://blog.accountingcoach.com/accounts-receivable-control-account-subsidiary-ledger/ (second result after googling "Control account balances and Subsidiary account balances" ps: lrn2google)
What is the correct order for listing a company's current assets?
The current assets are usually listed in the order in which they are expected to be converted into cash: 1. Cash and cash equivalents 2. Short-term investments 3. Accounts and noted receivable 4. Inventories 5. Prepaid expenses etc.
What is the correct electronic configuration of magnesium Mg?
The electronic configuration of magnesium is [Ne]3s2.
Why do accounts need to be audited?
To check that everything is correct.
What is electronic numerical integration and calculator?
electronic numerical integration and calculator is a misnomer for ENIAC. The correct term is electronic numerical integration and computer.
Is it correct to say both accounts are or both accounts is?
Both accounts are. Accounts is a plural noun, so you use the plural form of the verb. Apples are delicious; my apple is delicious.
