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Journal entry for Payment of credit purchase by a Cheque?
BY VENDOR Dr TO BANK Cr
What is journal entry passed on payment by cheque to vendor?
[Debit] Accounts payable xxxx [Credit] bank account xxxx
What is the Accounting entry for down payment to vendor?
Debit Deposits (an asset account) and credit Cash. You could also debit Accounts Payable for the deposit. Then post the final billing as a credit to Accounts Payable - the net difference is what would be due to the vendor.
Is any credit balance in a vendor subsidiary account an unpsid balance owed?
No, a credit balance in a vendor subsidiary account typically indicates an overpayment or a payment made in excess of the amount owed. This means that instead of an unpaid balance, the vendor may actually owe the company a refund or credit for future purchases. It's important to review the account details to understand the specific reason for the credit balance.
What is global payments process?
They are companies that deal with all types of global payment processing.
How can I pay a vendor using a credit card?
To pay a vendor using a credit card, you can provide your credit card information to the vendor either online, over the phone, or in person. The vendor will then process the payment using your credit card details.
What does COD refer to regarding a commercial credit reference from a vendor?
COD stands for "Cash on Delivery" in the context of a commercial credit reference from a vendor. It means that the vendor requires the buyer to pay for the goods or services at the time of delivery, rather than on credit terms. This is a way for the vendor to ensure immediate payment and reduce the risk of non-payment.
Journal entry for Payment of credit purchase by a Cheque?
BY VENDOR Dr TO BANK Cr
What is the journal entry to correct a payment of a bill which was paid to another vendor in error?
[Debit] Correct Vendor [Credit] Wrong Vendor Only Vendor accounts will be adjusted as cash or bank account is already charged correctly.
What are the two types of account data needed to process a payment?
Vendor Account, Bank Account
What does alternate tender mean for a credit card transaction?
An alternate tender means for a credit card means a vendor or purchaser presents an alternate form of payment.
What is journal entry passed on payment by cheque to vendor?
[Debit] Accounts payable xxxx [Credit] bank account xxxx
What are the top factors to consider when choosing a credit card vendor for your business?
When choosing a credit card vendor for your business, consider factors such as fees, interest rates, customer service, security features, and compatibility with your business needs.
What is the Accounting entry for down payment to vendor?
Debit Deposits (an asset account) and credit Cash. You could also debit Accounts Payable for the deposit. Then post the final billing as a credit to Accounts Payable - the net difference is what would be due to the vendor.
What is global payments process?
They are companies that deal with all types of global payment processing.
What does the idiomatic expression do you take plastic?
"Plastic" refers to a credit card, as credit cards are made from plastic. The expression is usually used in store-like settings when wondering if the vendor accepts payment via credit cards.
How can i process debit card payment by phone?
If you are purchasing or placing order for something then you need to give your card details to the vendor and they will able to debit your card and you can make payment over the phone for your purchases.
