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The following assets were received from Derrick Epstein: cash, $26,200; accounts receivable, $6,000; supplies, $2,800; and office equipment, $25,000. There were no liabilities received?
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What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What is rite of sacramental disposition?
.Catholic AnswerThere is no "rite of sacramental disposition", I believe that you may be asking about the disposition for the valid reception of the sacraments. For instance, the state of grace (being free from serious sin, having received the rite of penance) is required to receive the Most Holy Eucharist at Mass. That would be the disposition required to receive the sacrament. In that case the "rite" would be confession.
How do you enter rent received and rent receivable in accounts?
Journal Entry for Rent Received:[Debit] Rent Received[Credit] Cash/bankJournal entry for rent receivable[Debit] Accounts Receivable[Credit] Rent Receivable
What is an increase in Accounts Payable?
An increase in Accounts Payable means that the company has received more invoices that are due for payment.
When services are rendered but payment is not made which account would be increased?
Accounts payable
What account is credited when a payment is received from a customer?
Accounts receivable
When equipment is sold for cash the amount received is reflected as a cash?
That really depends on several things. What accounting method are you using? Has the equipment been depreciated down to salavage value? Has the equipment actually been paid for yet? Yes, initially, you would debit your cash account for the amount received for the equipment, but you wouldn't stop there. A lot of other accounts would be affected as well. If this equipment has already been depreciated down to salvage value, and you receive more than salvage value in cash for it, then you have a capital gain. If you sold it for less than salvage value, you have a loss. What is the current value on the books for this equipment? If you sold it for more of less than that value, you have a gain or a loss. Do you even have this equipment listed as assets?
How are Payments to be applied to Accounts Receivable?
When a payment is received from a customer the adjusting entry is really simple. Cash has to be adjusted for the amount received since the company is actually receiving cash. Accounts recievable will also be adjusted to show payment was received. For example if the payment was in the amount of $500, you would want to Debit Cash and Credit Accounts Receivable, both for that amount of $500.
What is journal entry for when goods are received?
debit goods / inventorycredit accounts payable
What is the journal entry for goods received?
Debit goods receivedCredit accounts payable
What is the journal entry of cash received?
debit cash receivedcredit accounts receivable
