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What transactions are recorded in the debit column of a customer account?
Wiki User
∙ 13y ago
The main one would be sales. But you can also have refunds given and late payment charges.
Wiki User
∙ 13y ago
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The correct entry in the date column is for all the transactions is?
The correct entry in the date column is for all the transactions is?
Why are there two account titles in the amount column of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
Deposits go on debit column or credit column?
Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits. For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.
What is meant by double entry bookkeeping?
Double entry bookkeeping involves two columns drawn up in ledger. The first column shows debit transactions and the second column shows credit transactions.
Example of three column cash book?
three column cash book is a book where company maintain the records of cash and bank transactions. it contain of 3 column cash, bank and discount. it helps to understand easily about the payment and receipt of cash.
The correct entry in the date column is for all the transactions is?
The correct entry in the date column is for all the transactions is?
Why are there two account titles in the amount column of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
Deposits go on debit column or credit column?
Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits. For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.
Why are there two account titles in the amount of the purchases journal?
There are two account titles in the column of the purchases journal because if a purchase is made for cash, the transaction is not recorded in the purchases journal.
What is meant by double entry bookkeeping?
Double entry bookkeeping involves two columns drawn up in ledger. The first column shows debit transactions and the second column shows credit transactions.
Example of three column cash book?
three column cash book is a book where company maintain the records of cash and bank transactions. it contain of 3 column cash, bank and discount. it helps to understand easily about the payment and receipt of cash.
Why are numbers under the column totoals in the journals important?
The numbers under the column "totals" in journals are important because they help in calculating the overall sum or total for the transactions recorded in that particular journal. This total acts as a quick reference for the total debit and credit amounts in the journal, ensuring that the journal entries are balanced and accurate.
What will be the journal entry of this transaction. Discount received from a customer for Rs200 enterd in bank column of cash book errornously?
Debit - Discount received 200 Credit -customers account 200
What are general ledger accounts?
he general ledger is a collection of the firm's accounts. While the general journal is organized as a chronological record of transactions, the ledger is organized by account. In casual use the accounts of the general ledger often take the form of simple two-column T-accounts. In the formal records of the company they may contain a third or fourth column to display the account balance after each posting.
Is net income recorded on the worksheet in the Income Statement Debit column and the Balance Sheet Credit column?
debit column of the income statement and the credit column of the balance sheet.
What is the difference between single column cash book and double column cash book?
In single column cash book only cash account is shown while in multi column cash book cash as well as bank account is also shown.
Numeric data is wider than the column it is recorded in?
This is not a question, but my best guess to answer is: If the numeric data is too wide for the column, then increase the width of the column.
