0
Why should sales receipts of cash from credit customers be recorded and posted immediately?
Wiki User
∙ 10y ago
Sales to and receipts of cash should be recorded immediately to provide a clear overall business picture and allow positive business decisions to benefit of the company or business for that period.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What is the journal entry to record receipts from customers?
[Debit] Cash / bank xxxx [Credit] Accounts receivable xxxx
Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a?
debit to Cash and a credit to Sales
How long should you keep credit card receipts?
Credit card receipts should be kept until you receive your statement and can verify the amount on the statement matches the receipt. If you need receipts for tax purposes then you will need to keep those with your tax information. If you make a big purchase on a credit card, like a dryer or washer, you sould keep those receipts until the warrenty period has expired.
Compile the credit card receipts What should you do to the receipts?
You should keep them and match them with what you bought. After they match up you can throw them away if you wish.
Compile the credit card receipts means?
It means to gather them all together.
What is the journal entry to record receipts from customers?
[Debit] Cash / bank xxxx [Credit] Accounts receivable xxxx
What if your supervisor asks you to compile the credit card receipts What should you do to the receipts?
Your supervisor asks you to compile the credit card receipts. What should you do to the receipts?
Sales to customers who use bank credit cards such as MasterCard and Visa are usually recorded by a?
debit to Cash and a credit to Sales
How long should you keep credit card receipts?
Credit card receipts should be kept until you receive your statement and can verify the amount on the statement matches the receipt. If you need receipts for tax purposes then you will need to keep those with your tax information. If you make a big purchase on a credit card, like a dryer or washer, you sould keep those receipts until the warrenty period has expired.
Compile the credit card receipts What should you do to the receipts?
You should keep them and match them with what you bought. After they match up you can throw them away if you wish.
Where to enter cash and credit purchase?
Purchases Journal & Cash Payments Journal.Also called as Specialized Jounal Entries. Purchases Journals record transactions that involve purchases on credit. Source documents here would probably be invoices. The purchase of inventory on credit is recorded in the purchases journal. Cash Receipts Journal record transactions that involve payments received with cash Source documents would probably be receipts and cheque butts.
What are some things you need to apply for a bad credit loan?
Nobody wants to apply to get bad credit. To get a loan when you have bad credit, this will depend on your bank. You will probably need things such as rental receipts and bill receipts to show that you have paid bills on time.
Compile the credit card receipts means?
It means to gather them all together.
After scanning a customer's credit card the machine tells you to confiscate the card What should you do with the customers credit card?
After scanning a customer's credit card, the machine tells you to confiscate the card. What should you do with the customer's credit card?Call the bank that issued it immediately. The telephone number is on the back of the card.
Do merchant credit card receipts have customer's names on them?
It does put the customer's name that is listed on the credit card but does not provide the entire cc#.
What is a safe place to keep your credit card?
While there is no 100% safe place for your credit card other than locked in a safe, your wallet is the safest place you can keep your credit card. Never put it down while doing other things - place it back in your wallet immediately after using. Shred any receipts that contain the entire number.
What is Average collection period?
Most organizations make sales on credit. They usually deliver goods/services to their customers without taking the payments due immediately. There could be a credit cycle understanding between them and their customers who would make periodic payments for the goods/services rendered to them. This ratio is used to calculate the efficiency with which an organization is able to collect the payments due to them from their customers.Formula:ACP = Accounts Receivable / (Annual Credit Sales / 365 days)Here, only credit sales are taken into consideration. Cash sales that are settled immediately are not considered for this calculation.
