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What is the difference between a Debit and a Credit as it relates to Accounts Receivable?

Accounts Receivable is an account that holds what a person or company owes your business. For example you sold a computer to a customer on credit, this credit is listed in an Accounts Receivable and is an asset.Asset accounts maintain a Debit Balance, meaning that a debit to the account will increase the account (in other words increase the amount the customer owes the company).A credit to the account will decrease the balance of that account (in other words, it records payment or credit to that customers account and decreases the amount the customer owes the company).


When you rendered services on account what accound do you debit?

If you render a service n account to a customer you debit Account Receivable and credit Service Revenue.


Is a credit issued to a customer a debit or credit to Accounts Receivable?

Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.


Deposits go on debit column or credit column?

Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits. For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.


What is the journal entry for receiving money from customers on account?

debit cashcredit accounts receivable

Related Questions

What is the difference between a Debit and a Credit as it relates to Accounts Receivable?

Accounts Receivable is an account that holds what a person or company owes your business. For example you sold a computer to a customer on credit, this credit is listed in an Accounts Receivable and is an asset.Asset accounts maintain a Debit Balance, meaning that a debit to the account will increase the account (in other words increase the amount the customer owes the company).A credit to the account will decrease the balance of that account (in other words, it records payment or credit to that customers account and decreases the amount the customer owes the company).


When you rendered services on account what accound do you debit?

If you render a service n account to a customer you debit Account Receivable and credit Service Revenue.


What needs to happen when a customer pays their account in account receivables?

debit revenue and credit receibables


Is a credit issued to a customer a debit or credit to Accounts Receivable?

Accounts Receivable is classified as an Asset. Assets have a normal Debit balance. If you mean to say that the customer has paid off some of the amount in their account, then the amount is listed on the Credit side and in the Debit side of the Cash account. If they have bought supplies on the account (owe you money) then the amount is put into the Debit side.


What is the journal entry for receiving money from customers on account?

debit cashcredit accounts receivable


Deposits go on debit column or credit column?

Debit the account that is receiving the cash and credit the account that the cash is coming from. Because debits always equal credits, every transaction (including a deposit) must have equal debits and credits. For example, if you are depositing $100 received for a sale, debit the checking account and credit the revenues or sales account. If you are depositing $100 that was received from a customer to pay off an accounts receivable, then debit the checking account and credit that customer's account in accounts receivable.


What is the journal entry to write off customer accounts?

You would credit the customer account and debit bad debt.


Is refund to customer debit or credit?

Credit to the customer.


What will be the journal entry of this transaction. Discount received from a customer for Rs200 enterd in bank column of cash book errornously?

Debit - Discount received 200 Credit -customers account 200


What is the journal entry for collected on account 1200?

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


What is the journal entry for when a customer pays their account?

[Debit] cash / bank [credit] accounts receivable


What journal entry when customer pays account?

[Debit] cash / bank [credit] accounts receivable