goods in transit a debtor(customer) could also be a supplier(creditor)
Canceling the balance of a customer account because the customer does not pay is called writing off an account.
increase the balance of the liability account :)
always affectsa balance sheet and an income statement account
A liability is what it represents.
goods in transit a debtor(customer) could also be a supplier(creditor)
Canceling the balance of a customer account because the customer does not pay is called writing off an account.
increase the balance of the liability account :)
A liability is what it represents.
always affectsa balance sheet and an income statement account
always affectsa balance sheet and an income statement account
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
A payment on account by a customer happens when a customer pays a bill. For example, if a person had an account at a furniture store, each month, he or she would make a payment on their account to pay down their balance.
If an account has a credit balance the customer must have overpaid on their account or a credit was issued by the company and posted to the customers account, resulting in a credit or negative balance.
A check received from customer will be credited to his account , hence his earlier debit balance will be reduced . simultaniously it will be debited to bank account , hence bank balance will be increased
Yes it will, because all adjusting entries affect at least one income statement account and one balance sheet account.
1. Banker issues due notice of intention to close customer's account and requests him to withdraw the balance amount. banker must give sufficient time to customer to make alternative arrangements. 2. If the customer still doesn't close his account, the banker issues another notice stating the last date by which the customer must close his account, otherwise it will be terminated by the banker himself. 3. If the customer defaults to close his account, the banker terminates the account himself, and sends the balance amount of money to the customer by a draft.