Debit advance cash received
Credit unearned revenue
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
Debit advance payment for assetCredit 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.
debit cash / bankcredit accounts receivable
debit bankcredit accounts receivable
There is no entry required when order is placed instead of entry is made when goods received or payment made in advance.
Debit advance payment for assetCredit cash / bank
A cash advance received from customer journal entry is required when a business receives a cash payment from a customer in advance of delivering goods or services.
Accrual journal entry means that entry the transaction of which is occurred already but payment is not yet received or paid to other party.
Bank a/c DrTo Advance from the party A/c
Debit customer depositsCredit unearned revenue
debit cash / bankcredit accounts receivable
debit bankcredit accounts receivable
Cash A/C Dr To Rent Received in Advance A/C
Debit bankCredit accounts receivable
debit cash / bankcredit indemnity income etc
Rent Received Account Dr To Cash/ Bank