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when a sale is made on an accounts receivable account what needs to be debited and credited?
When a sale is made on an accounts receivable account, the Accounts Receivable account is debited to reflect the increase in money owed by customers. Simultaneously, the Sales Revenue account is credited to recognize the income generated from the sale. This entry ensures that both the asset and revenue accounts are accurately updated in the accounting records.
When goods are returned that relate to a prior cash sale?
The Cash account will be credited.
What should be debited if sale made for cash?
When a sale is made for cash, the Cash account should be debited to reflect the increase in cash received. Simultaneously, the Sales Revenue account should be credited to recognize the income generated from the sale. This entry ensures that both the cash inflow and revenue are accurately recorded in the accounting records.
Is a savings account credited when a deposit is made?
Yes
What is a sale to an account receivable customer is made?
After a sale to an A/R Customer is made
Has your account been credited?
Yes, my account has been credited.
When seller paid the customer account is?
credited
What account is credited when a debit card is used to pay cash on account?
It is your checking account , but it is debited, not credited.
The Owner's Capital Account of a sole proprietorship is credited when?
The Owner's Capital Account of a sole proprietorship is credited when the owner invests additional personal funds into the business or when the business earns profits. This increase in the capital account reflects the owner’s equity in the business. Additionally, any gains from the sale of business assets or retained earnings can also contribute to a credit in the capital account.
What happens when money is deposited in account is it credited or debited?
deposited money is credited to your concern bank account
When the seller is paid the customer account is debited or credited?
credited
When the seller is paid the customer's account is credited or debited?
credited
