When bill received:
[Debit] Advertisement expense
[Credit] Expenses payable
When partial payment
[Debit] Expenses payable
[credit] Cash / bank
debit cash / bankcredit accounts receivable
debit bankcredit accounts receivable
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
Debit bankCredit accounts receivable
Debit advance cash receivedCredit unearned revenue
issued check for newspaper advertising for $200
debit cash / bankcredit accounts receivable
debit bankcredit accounts receivable
I believe the answer is as follows: If payment not made : No action If payment made : Dr Purchases Cr Bank Can someone verify this? Thanks!
Debit bankCredit accounts receivable
Debit advance cash receivedCredit unearned revenue
debit cash / bankcredit indemnity income etc
Rent Received Account Dr To Cash/ Bank
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
Payment terms include advance payment of goods and/or partial payment. In addition, a letter of credit can be submitted to the exporter of the good specifying a date which full payment will be received. This can be within 30, 60 or 90 days.
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
debit cash / bankcredit accounts receivable