0
What else can I help you with?
What account is credited when a payment is received from a customer?
Accounts receivable
When services are rendered but payment is not made which account would be increased?
Accounts payable
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
When an invoice is paid what accounts are affected?
When an invoice is paid, the accounts affected are typically the cash or bank account and the accounts receivable account. The cash or bank account increases to reflect the incoming payment, while the accounts receivable account decreases, indicating that the amount owed by the customer has been settled. This transaction helps maintain accurate financial records and ensures that the company's cash flow is properly tracked.
What account is credited when a payment is received from a customer?
Accounts receivable
When services are rendered but payment is not made which account would be increased?
Accounts payable
Which accounts are affected by a laboratory receiving payment of 8000 for regularly carrying out water tests for the state?
Asset account and liability account.
How is a cash payment received from a customer for a product purchased on account recorded?
debit to cash and credit to accounts receivable
How is recorded a cash payment received from a customer for a product purchased on account?
debit to cash and credit to accounts receivable
When an invoice is paid what accounts are affected?
When an invoice is paid, the accounts affected are typically the cash or bank account and the accounts receivable account. The cash or bank account increases to reflect the incoming payment, while the accounts receivable account decreases, indicating that the amount owed by the customer has been settled. This transaction helps maintain accurate financial records and ensures that the company's cash flow is properly tracked.
When an accounts payable account is paid in cash the owner's equity in the business decreases True or False?
False. Payment of an accounts payable reduces cash and reduces accounts payable. Equity is not affected.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
Responsible for payment?
The Accounts Payable clerk is responsible for providing payment on an account.
When a check is received for the full payment of an AR account?
When a check is received for the full payment of an accounts receivable (AR) account, the business records the payment by debiting cash and crediting accounts receivable. This action reduces the accounts receivable balance, reflecting that the customer has settled their debt. Additionally, it may involve updating financial records to ensure accurate reporting of cash flow and outstanding receivables. Proper documentation should be maintained for auditing and accounting purposes.
What is the debit and credit in made a payment on accounts payable?
account payable account debit to bank account
Cash received as PROMPT payment under 310 Net 30 terms would be posted in the what accounts.?
Cash received as prompt payment under 310 Net 30 terms would typically be posted in the Cash account, reflecting the increase in cash assets. Additionally, it would also affect the Accounts Receivable account by reducing the outstanding amount owed by customers. If there are any discounts taken for the prompt payment, those would be recorded in a Discounts Allowed or Sales Discounts account.
