A check in most accounting is considered the same as cash and therefore it is treated the same.
A debit to the cash account will be made to note payment of the account and a credit to the appropriate account payable account to bring the AP down to a zero balance.
The check will then be deposited with the normal bank transactions and recorded as such in the bank statements for the company.
Accounts receivable
Account recievable is a account that records the amount should be received . Accounts receivable are the short-term financial assets of a wholesaler or retailer that arise from sales on credit
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
what is average account receivable
Net Sales / Average Accounts Receivable = Account Receivable Turnover
Accounts receivable
Account recievable is a account that records the amount should be received . Accounts receivable are the short-term financial assets of a wholesaler or retailer that arise from sales on credit
Yes it is a real account. Accounts receivable is considered an asset and asset accounts are real or permanent accounts.
what is average account receivable
Net Sales / Average Accounts Receivable = Account Receivable Turnover
account receivable and inventory
The other account is usually cash. Transactions are exchanges of things of value. Accounts Receivable is a asset - something of value owned by an entity. If Accounts Receivable is decreased, that means that the entity received something of value (or other asset - usually cash) in exchange.
account receivable is the money that owed the business
the formula of calculating account receivable turnover = Net Sales/ average gross receivable
Accounts Receivable is an asset since it is a resource controlled by the entity as a result of past transaction with the future economic benefit to flow to the entity.Sale of goods and services is a revenue and not accounts receivable.
Debit cash / bank 1200Credit accounts receivable 1200If it is a collection from customer's account, thenDEBIT: Cash 1200CREDIT: Accounts Receivable 1200Collection from customer's account
debit to cash and credit to accounts receivable