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When a customer pays their account this what part of the accounts receivable?
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What part of balance sheet is allowance for doubtful accounts reported?
The allowance for doubtful accounts is a reduction to the accounts receivable. This is a contra account, similar to accumulated depreciation.
Is accounts receivable classified as a liabilities and equity on a balance sheet?
Account receivable is that part of sales which are done on credit so if company received cash at the time of sales that would be asset as well so it is the amount which is receivable in future so it is current asset of company.
How is subsidiary ledger different to the general ledger?
A subsidiary ledger is a group of similar accounts whose combined balances equal the balance in a specific general ledger account. The general ledger account that summarizes a subsidiary ledger's account balances is called a control account or master account. For example, an accounts receivable subsidiary ledger (customers' subsidiary ledger) includes a separate account for each customer who makes credit purchases. The combined balance of every account in this subsidiary ledger equals the balance of accounts receivable in the general ledger. Posting a debit or credit to a subsidiary ledger account and also to a general ledger control account does not violate the rule that total debit and credit entries must balance because subsidiary ledger accounts are not part of the general ledger; they are supplemental accounts that provide the detail to support the balance in a control account.
How does account receivable affect net income?
Account receivable is a balance sheet item shown under current assets on the asset side, having a debit balance. It doesn't have anything to do with net income as accounts receivable is never shown in the trading profit and loss account. Only credit sales relating to such receivables during the current year forms part of the credit side of profit and loss and nit the account receivable itself.
Does accounts receivable go income statement?
Accounts receivables are on the balance sheet. They are an asset of the firm, that is they represent a future economic benefit. The income statement holds the revenues and expenses of the business.
Received cash on account 300 which part of assets increase?
The answer is in your question actually. If you received cash on account the asset of CASH will increase, while the asset of Account Receivable will decrease.Since you received cash it is assumed that they paid you cash on a balance that they owed you, so the journal entry would be a debit to cash (increase) and a credit to accounts receivable (decrease)
When account receivabes is collected cash the totl assets of the business increases?
Accounts receivable is also part of assets of business and cash as well so there is no difference on overall assets of business.
What type of account is unearned revenues on?
Answer:Unearned revenues is a liability of the company towards the customer. The customer has paid up front for products or services, while the company still has an obligation to perform their part of the deal. Liabililties are recorded on permanent T-accounts.
Is provision for doubtful debt under current assets?
Yes provision of doubtful debt is part of current assets as accounts receivable is part of current assets and this allowance is for short term period.
I have couple of Bank accounts in US My wife is the nominee for that account. What happens if both me and my wife die?
The bank accounts become a part of the estate.
Are checking accounts part of residuary estate?
Yes, unless the account has a listed Payable on Death beneficiary or the account was specifically devised in the will.
How do you make a mac com account?
The mac.com email accounts are being phased out and replaced with me.com accounts. They are part of the MobileMe package; you create your email address when you create your account. (See links below)
