Accounts Receivable - Debit
Service Revenue - Credit
"what accounts are affected and how when a payment on account is received from a customer
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
Accounts payable and Cash accounts
debit accounts receivablecredit services revenue
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.)
"what accounts are affected and how when a payment on account is received from a customer
accounts receivable
When you pay on account, the entry is Cash - Debit Accounts Payable - Credit
Accounts payable and Cash accounts
debit accounts receivablecredit services revenue
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.)
Accounts payable
sales and accts. receivable
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
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
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?
Some of the services provided by commercial banks are: a. Checking/Current account b. Savings accounts c. ATM Cards d. Check Books e. Deposit Accounts f. Loans g. Credit Cards etc