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What is the journal entry of Advance received from debtors?

Anonymous

∙ 11y ago

Updated: 9/19/2023

Debtors are those customers who purchase goods from company on credit so no advance can be issued by debtors. on the other hand advance can be received from customers and accounting entry is as follows:

[Debit] Cash / bank

[Credit] Unearned revenue

Wiki User

∙ 11y ago

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What is the journal entry of payment received in advance?

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Related Questions

What is the journal entry of payment received in advance?

Debit advance cash receivedCredit unearned revenue

How do you pass entry for payment received from debtors in journal as well as in payment?

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Is a journal entry made on invoices received?

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