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What accounts are affected when you bill customers for delivery services on account?
When you bill customers for delivery services on account, the accounts affected are Accounts Receivable and Revenue. Accounts Receivable increases, reflecting the amount customers owe for the services provided, while Revenue increases to recognize the income earned from the delivery services. This transaction does not immediately impact cash, as the payment is expected to be received later.
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What accounts are affected when paying on account?
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
What is the accounting journal entry for billed customers for services provided?
debit accounts receivablecredit services revenue
What accounts are affected when you bill customers for delivery services on account?
When you bill customers for delivery services on account, the accounts affected are Accounts Receivable and Revenue. Accounts Receivable increases, reflecting the amount customers owe for the services provided, while Revenue increases to recognize the income earned from the delivery services. This transaction does not immediately impact cash, as the payment is expected to be received later.
What accounts affected in received payment on account?
"what accounts are affected and how when a payment on account is received from a customer
What account would you code an invoice to for temporary employment services of a marketing assistant provided by a staffing agency?
accounts receivable
What accounts are affected when paying on account?
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
What account is affected in an account journal when you avail of purchase discount for office supplies that was bought on account?
Accounts payable and Cash accounts
What is the accounting journal entry for billed customers for services provided?
debit accounts receivablecredit services revenue
Why is unearned revenue a liability instead of a revenue account?
Unearned revenue accounts represent the amount of cash received before services are provided. Since services have not been provided yet, it is not revenue. (It represents the obligation for future services in order for the revenue to be earned.)
When services are rendered but payment is not made which account would be increased?
Accounts payable
Services of commercial bank?
Some of the services provided by a commercial bank are: a. Checking/Current account b. Savings accounts c. ATM Cards d. Check Books e. Deposit Accounts f. Loans g. Credit Cards etc
What accounts are affected and how when merchandise is purchased for cash?
no accounts, the only time an account would be affected is when you withdraw or deposit money into/from it, cash is nearly untraceable and does not affect your bank accounts
What are the steps of business transaction analysis?
1. Identify the accounts affected 2. Classify accounts affected. 3. Determine the amount of increase of decrease for each account affected. 4. Which account is debited? For what amount? 5. Which account is credited? For what amount? 6. What is the complete entry in the T account form?
What account are affected when services are sold on account?
sales and accts. receivable
