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What is the journal entry to record retainage receivable?
Retainage is recorded on the balance sheet. The contractor, to whom the retainage is owed, records retainage as an asset. The client, who owes retainage to the contractor records retainage as a liability. Retainage receivable accounts have a normal debit balance; retainage payable accounts have a normal credit balance.
What popular cartoon character owes his existence to a misprint in a scientific journal?
popeye
What is the name of a person who owes others money?
The debtor. customer, client, payor.
What is Form 1099-r used for in the IRS?
1099R form is used to determine if the client owes or does not owe the government for the client retirement plan.
Whats the interest rate when the IRS owes you money?
zero Wrong. 8%
What are the duties of a real estate agent?
When an agent is hired to represent his/her client an agency relationship is formed whereby the agent owes the client fiduciary duties, that include, loyalty, obedience and confidentiality.
If you received 600 from a client on account where would you post it?
It depends on whether the client owes you money and what basis of accounting you use. If the client owes you money and you use the accrual basis then it posts as an increase (debit) to Cash and a decrease (credit) to accounts receivable. If they are paying in advance for future work then it's an increase (debit) to cash and a increase (credit) to deferred revenue. If you are on cash basis then you increase cash and revenue.
Can an attorney sue an indivual for two times the dollar amount that the indivual owes his client?
The attorney is probably including costs and legal fees in the bill. If the individual owes the money to the attorney's client (there is no dispute about that), it would be a good idea to offer a payment plan. If the attorney (or his/her client) does not accept the arrangment, demonstrating that a good faith effort was made to avoid litigation may pay off dividends with the judge later, should it go to trial.
On an invoice the invoice total inludes?
An invoice total will be the full amount the customer or client owes you. This amount will include all fees and any taxes.
What does the term accounts receivable?
Accounts receivable is money that a client owes to a company. The company bills the client detailing the cost and nature of the goods acquired or services rendered on the clients behalf. It is not, however, a term used to describe debts, which are called notes receivable.
What does the term receiver mean?
Accounts receivable is money that a client owes to a company. The company bills the client detailing the cost and nature of the goods acquired or services rendered on the clients behalf. It is not, however, a term used to describe debts, which are called notes receivable.
The journal entry to record a note received from a customer to apply on account is?
I'm not sure if I have the question correct. However, I will answer it with what I believe you are asking.If a customer pays a business money to be applied to their account the transaction in the journal is simple.Since you are receiving money (cash) you will debit cash for the amount of payment.Since the customer is paying on money they already owe on account you will credit their Account Receivable for the same amount.In other words, Bob owes Systems Inc. $5,000 and decides to pay $500 towards the accountCash (debit) $500 (this increases your cash by that amount)Account Rec.-Bob (credit) $500 (this will reduce the amount he owes the company)
