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When there is an allowance for bad debts on the balance sheet the journal entry for writing off an account receivable is?
Wiki User
∙ 9y ago
debit bad debt
Credit allowance for bad debt
Wiki User
∙ 9y ago
Wiki User
∙ 9y agodebit bad debt
credit allowance for bad debt
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What is journal entry for allowances to debtors?
[Debit] Allowance for debtors account [Credit] Accounts receivable account
What is the general ledger journal entry to write off accounts receivable?
Under the allowance method, entry would be: Allowance for Doubtful Accounts (DR) Account Receivable (CR)
How do you record in books of account sale of land on credit?
The journal entry is as follows: [Debit] Accounts Receivable XXXX [Credit] Land XXXX This entry is only affecting the balance sheet accounts by decreasing one asset account and increasing another asset account. When cash is received, the journal entry is as follows: [Debit] Cash/Bank XXXX [Credit] Accounts receivable XXXX
What is the journal entry for a payment on an account?
Debit cash / bankCredit accounts receivable
Journal entry of commicsion receivable?
Post to Commissions Earned, an income account and Commissions Receivable, a current asset account.
What is the journal entry for a bad debt account?
Debit bad debtsCredit accounts receivable
What is the journal entry for receiving money from customers on account?
debit cashcredit accounts receivable
How is accounts receivable effected by credit sales?
Any sales on account (aka credit sales) will increase accounts receivable by the same amount. The journal entry for this would be: Account Receivable (debit) Sales (revenue) (credit)
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)
What is the journal entry for credit sales?
Accounts-receivable@ Sales(sales being in your Results and accounts-receivable in your balance sheet)
What journal entry when customer pays account?
[Debit] cash / bank [credit] accounts receivable
What journal entry happens when customer pays account?
Debit cash / bankCredit accounts receivable
