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Why a receipt of 300 cash on account was recorded as a 500 debit to accounts payable and a 500 credit to cash?
Wiki User
∙ 12y ago
Do you mean that you paid $300 toward a bill you owed? If so, then Cash should have been credited the $300 and Accounts Payable debited by $300.
If $500 was entered, then it looks like someone just made a clerical error and the transaction should be fixed.
Wiki User
∙ 12y ago
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Where are account receivable recorded?
receipt voucher
If some goods are damaged from a purchase order upon receipt the accounts payable department should receive a?
an invoice and debit memo
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
Why does a decrease happen in Accounts Receivable?
Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.
State five examples of business transactions?
Choose your favorite five: A sale of merchandise or services. A purchase of supplies or raw material. Receipt of a payment for an Accounts Receivable. Payment of a bill in Accounts Payable. Receipt of loan proceeds. Repayment of a loan. Issuance of a paycheck. Payment of employer taxes. Payment of income taxes. Purchase of a Fixed Asset.
Where are account receivable recorded?
receipt voucher
What types of events make the equipment account go up Are these debits or credits to equipment?
The purchase or receipt of equipment make the equipment (ASSET) account go up. The entry is a debit to equipment and a credit to cash or accounts payable.
If some goods are damaged from a purchase order upon receipt the accounts payable department should receive a?
an invoice and debit memo
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
Why does a decrease happen in Accounts Receivable?
Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.
What is notes payable?
The phrase notes payable is a result of a purchase made by a business and is a form of receipt.
State five examples of business transactions?
Choose your favorite five: A sale of merchandise or services. A purchase of supplies or raw material. Receipt of a payment for an Accounts Receivable. Payment of a bill in Accounts Payable. Receipt of loan proceeds. Repayment of a loan. Issuance of a paycheck. Payment of employer taxes. Payment of income taxes. Purchase of a Fixed Asset.
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.
Does iTunes send a receipt?
The iTunes store sends a receipt to the accounts registered email address.
I pay an account by cheque's get a receipt the checques get stolen am i still responsible?
If you paid an account with a check and received a receipt that you had paid that account, your part of the transaction is finished. What they do with the check after you walk away with the receipt is their responsibility.
What does 30 days nett?
30 day net is a book keeping and/or accounting term that applies to an accounts receivable account, which means the terms of the account are 30 days, meaning that the balance of the sales receipt must be paid within 30 days of the date listed on the sales receipt. Accounting/Finance Major
How do you get on account receipt?
ask for one
