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How would you describe the entries to record the disposition of accounts receivables?
The entries to record the disposition of accounts receivable typically involve debiting the cash or another asset account and crediting accounts receivable to reflect the collection of the amount owed. If an account is deemed uncollectible, the company would debit a bad debt expense account and credit accounts receivable to recognize the loss. Additionally, if accounts are sold to a third party, the entry would involve debiting cash or a receivable from the sale and crediting accounts receivable. These entries ensure that the financial statements accurately reflect the company's assets and any potential losses.
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What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is the purpose of closing entries?
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.
What is the difference between adjusting entries and correcting entries?
Correcting entries correct errors. Adjusting entries fine tune the accounts.
What are accounts payable entries?
[Debit] Accounts payable [Credit] Cash / bank
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
What accounts are not affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What accounts are affected by closing entries?
the accounts affected by closing entries are temporary accounts like expenses
What is the purpose of closing entries?
The purpose of closing entries is to transfer the balances of temporary accounts to permanent accounts. These entries are used via the adjusted trial balances.
What is the difference between adjusting entries and correcting entries?
Correcting entries correct errors. Adjusting entries fine tune the accounts.
Duties and responsibilities of Chief accountant?
To supervise that all accounting entries ,payments and receivables are posted correctly and timely.
Why adjusting entries are necessary?
Adjusting entries are necessary to ensure that accounts balance. When accounts don't balance it may indicate that the company is being mismanaged.
What are accounts payable entries?
[Debit] Accounts payable [Credit] Cash / bank
What are controlling accounts and subsidiary ledgers?
A control account is an account found in the general ledger such as accounts receivable,accounts payable,inventory etc. The accounts are a summation of entries made in the subsidiary ledgers and are used to check the accuracy of those entries.
Branch accounts journal entries?
good to sent
Will a credit entry to an account increase the balance of a revenue account?
Yes. Since revenue accounts are "credit" accounts, they are increased by credit entries and decreased by "debit" entries.
What are journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
What are the journal entries that bring the accounts up to date at the end of the accounting period called?
closing entries
