0
increase asset (cash) decrease asset (receivable), no effect on bottom line, just assets held in different buckets
Wiki User
∙ 11y ago
Add your answer:
Earn +20 pts
Is cash on demand an accounts receivable payment term not standard in business?
No, Accounts receivable are amounts due from customers for credit sales
Double entry on accounts receivable?
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
What account is credited when a payment is received from a customer?
Accounts receivable
What is journal entry for cash receivable from debtors?
Dr Cash at Bank $5000Cr Accounts receivable - MK Kapital $5000(To record payment from debtor/accounts receivable - MK Kapital)
Receiving payment of a portion of accounts receivable will?
Correct Answer: not affect total assets.
What is the debit side of an accounts receivable?
payment from customers
Is cash on demand an accounts receivable payment term not standard in business?
No, Accounts receivable are amounts due from customers for credit sales
Double entry on accounts receivable?
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
What account is credited when a payment is received from a customer?
Accounts receivable
What is journal entry for cash receivable from debtors?
Dr Cash at Bank $5000Cr Accounts receivable - MK Kapital $5000(To record payment from debtor/accounts receivable - MK Kapital)
Receiving payment of a portion of accounts receivable will?
Correct Answer: not affect total assets.
What is the journal entry for a payment on an account?
Debit cash / bankCredit accounts receivable
When do you need to credit accounts receivable?
Accounts receivable is an asset account and therefore debit in nature. If you were to credit it, you would reduce its balance. This would usually be done upon receipt of payment or when a receivable is written off.
How do you pass entry for payment received from debtors in journal as well as in payment?
debit cash / bankcredit accounts receivable
What is the journal entry of cheque you received from your cliant as payment?
debit bankcredit accounts receivable
Why are increase in accounts receivable a cash reduction on the flow statement?
Increase in accounts receivable causes the reduction in cash because if sales are made on cash then there is no increase in accounts receivable and company receives cash which causes the increase in cash while accounts receivable not.
What is the journal entry for cheque received towards payment from customer?
Debit bankCredit accounts receivable
