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What would the journal entry be for payment received for goods previously sold on credit?
Wiki User
∙ 9y ago
debit cash / bank
credit accounts receivable
Wiki User
∙ 9y ago
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What happens when you default on a car loan?
When a consumer defaults on a car loan their credit becomes negatively affected. Not only that, the previously purchased vehicle will become subject to repossession if the payment is not received.
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
Difference between buyers credit and letter of credit?
Buyer's credit is extended to finance the purchase of goods or services. A letter of credit guarantees that a payment will be received. If the buyer doesn't make a payment, the bank has to pay.
What is meaning of credit confirmation in letter of credit?
A final demand for payment letter can be a very strong letter by a company that is demanding payment from one of its debtors. Despite many reminders and requests for payment, the company has not received payment from its debtors, which causes it to write a strong letter to imply harsher actions. From:
Can a credit card company blemish your credit if your mail was lost and they never contacted you?
Unfortunately, yes - the company sent you notice of a payment due and you did not pay it. If you can prove the notice never received you, then you might be able to avoid late fees and a late payment notice on your credit rating.
What is the journal entry of an advertising bill received but not paid Then later a partial payment is made?
When bill received:[Debit] Advertisement expense[Credit] Expenses payableWhen partial payment[Debit] Expenses payable[credit] Cash / bank
What is journal entry to record the completion of a service for which payment has not been received?
[Debit] Accounts receivable [Credit] Service sales revenue
When a product or service is delivered for which a customer advance has been previously received what is the appropriate journal entry?
[Debit] Unearned revenue [Credit] Sales revenue
How do you record journal entry for cash?
if cash received then cash is debit while if cash is paid then cash is credit with other account towards which payment made or amount received.
Journal entry for applying a payment in receivable system?
This would include a debit to cash for the amount received and a credit to the account receivable that the amount pertains too.
What is the journal entry if the payment has not yet been received but clients were billed?
debit the client account (debtor account) and credit the income account (bill amount)
What is the journal entry for down payment of cash?
[Debit] Down payment xxxx [Credit] cash xxxx
What is journal entry for gratuity payment?
[Debit] Gratuity [Credit] Cash / bank
Journal entry for Payment of credit purchase by a Cheque?
BY VENDOR Dr TO BANK Cr
What is the journal entry to record letter of credit?
I received letter of credit from my customer how i have to enter my entries
What is the journal entry when you make a deposit?
You would debit cash and credit the applicable account. examples: 2000.00 debit. cash and 2000.00 credit accounts receivable for a payment that was received from a customer. 500.00 debit cash and 500.00 credit supplies for overpayment on supplies.
What is Journal entries for letter of credit?
A letter from a bank guaranteeing that a buyer's payment to a seller will be received on time and for the correct amount. In the event that the buyer is unable to make payment on the purchase, the bank will be required to cover the full or remaining amount of the purchase.
