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Cash received from customers as payment for their bills is recorded by a?
cash discount
Why is revenue not cash in accrual accounting?
In accrual accounting not always all sales are made on cash basis that's why sales are shown when sales are made and not when actual cash received that;s why cash is not shown b'coz all cash is not received at the time of sales.
What is trade and cash discount?
Trade discount is the discount which is in actual sale price of unit at the time of sales and never shown in books of accounts. Cash discount is the discount in value of accounts receivable after sales completed.
Actual cash received from cash sales was 9755.75. The cash register total was 9735.55. What is the journal entry to record cash receipts and cash sales.?
Cash 9735.75 Cash Short and Over 20.20 Sales 9755.75
What is the journal entry of discount received?
Dr cash/bank Cr discount received
Describe cash received from cash sales?
accounting entry for cash received for the sales of office uniform
What is the Journal entry for CASH sales with discounts?
cash a/c.......dr amt(after discount) to sales a/c amt(after discount)
Cash received from customers as payment for their bills is recorded by a?
cash discount
Why is revenue not cash in accrual accounting?
In accrual accounting not always all sales are made on cash basis that's why sales are shown when sales are made and not when actual cash received that;s why cash is not shown b'coz all cash is not received at the time of sales.
What is trade and cash discount?
Trade discount is the discount which is in actual sale price of unit at the time of sales and never shown in books of accounts. Cash discount is the discount in value of accounts receivable after sales completed.
Actual cash received from cash sales was 9755.75. The cash register total was 9735.55. What is the journal entry to record cash receipts and cash sales.?
Cash 9735.75 Cash Short and Over 20.20 Sales 9755.75
Compute the accounts receivable balance before and after change in the cash discount policy?
sales are 400,000, cash discount terms are 1%10 N30, what is the credit sales
What is the journal entry of discount received?
Dr cash/bank Cr discount received
Will trade discount be entered anywhere in accounting?
Trade discount is not shown any where in accounts as cash is received with discounted amount and sales also shown with reduced price.
Does an increase in accounts receivable create a cash outflow?
Yes increase in accounts receivable creates cash outflow or reduction in cash as if instead of credit sales it would be cash sales then there would be cash received which increases the cash.
How are cash discounts recorded on the financial statements?
Cash discounts are recorded as a reduction in revenue on the income statement when the discount is taken. This reduces the total sales revenue recognized for the period. On the balance sheet, accounts receivable are recorded net of any cash discounts that are expected to be taken, reflecting the anticipated cash inflow from customers after the discount. If a discount is not taken, it does not affect the financial statements until the payment is received.
Accounting treatment of trade discount and cash discount?
Trade Discount are considered cost of sales/reduction in sales dependant upon who the customer is. Cash Discount is always considered Increasing Interest Expense/Reduction of Interest Expense, dependant upon who the recipient is.
