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When a product or service is delivered for which a customer advance has been previously received what is the appropriate journal entry?
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∙ 9y ago
[Debit] Unearned revenue
[Credit] Sales revenue
Wiki User
∙ 9y ago
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Received 17000 cash from a customer who had previously been billed for services provided.?
no effects
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
Is receiving payment from account customer a liability?
Because money is being received from customer we are not owing.
When revenue normally recognized for financial reporting?
Revenue is recognized for financial reporting when it is both earned and received or receivable. Earned means that the company did what it should to receive the money - delivered the product or service the customer was purchasing. Received or receivable means that the company either collected money or reasonably expects to collect payment.
Is a customer deposit a current liability?
Yes, customer deposits is that amount which is received in advance for the services in future.
Received 17000 cash from a customer who had previously been billed for services provided.?
no effects
Does courier received mean parcel delivered?
"Courier received" means the courier who is to be delivering the parcel has now received the package/Item and it will be delivered shortly to you as to which delivery service you have paid for.
Where do you record an dishonoured cheaque in the jourals?
An dishonored cheque is typically recorded in the journal by debiting the bank account and crediting accounts receivable or the customer's account. This reflects the reversal of the payment that was previously recorded when the cheque was received.
What is Quality costumer service?
AnswerQuality Costumer Service is when a customer walks out of the costume shop, happy that they received a well-fitting costume from a polite and observant costumer, with good quality appropriate to the cost.Note: A costumer is someone who makes costumes. A customer is someone who goes shopping.
What are the ratings and certificates for Delivered - 1999?
Delivered - 1999 is rated/received certificates of: Germany:16 USA:R
What is the difference between a delivery note and a good received note?
A delivery note is a document provided by a supplier that accompanies a delivery of goods to a customer, detailing the contents of the shipment. A goods received note, on the other hand, is a document prepared by the recipient of the goods confirming the receipt and condition of the delivered items.
How are you going to treat the Advances from Customer Is it right to be treated as current liabilities?
Customer or clients means you sell them any product, goods or any services.First is we need to understand the cycle to complete the sale of good and services:We deliver products, good or services to the customer or client If the payment is not sufficient for the delivered product or services the it would be treated as "Accounts Receivable"If the payment from the customer is just equal to the amount of the delivered product or services then it could be as easeIf the payment received from the customer is excess for the recently delivered product or services, intentionally for the future issue it could be consider now as "Advances from customer"We receive money as payment for the good and servicesOR If you received an AMOUNT as advance from your customer WITHOUT ANY INVOICE raise or invoice raise in future. Accounting ENTRY IS Debit CASH AND Credit ADVANCES FROM CUSTOMER.That's why its balance is credited and it's going to Liabilities side in Balance Sheet.Supplier means you Purchase any products/ services from Supplier on Credit. And you pay him after you received the bill from supplier.If you paid him as advance payment e.g. Purchase of products/services in future.Accounting ENTRY IS Debit Advances to Supplier AND Credit CashThat's why its balance is debited and it's going to Assets side in Balance Sheet.
What happens when cash is received in payment of an account?
Received cash from a customer as payment on account
What is shaw webmail customer centre id?
I asked for Customer Service ID, but have not received an answer, which I need
Is receiving payment from account customer a liability?
Because money is being received from customer we are not owing.
What is Cash send and delivery sale?
payment for goods received which will be delivered
When revenue normally recognized for financial reporting?
Revenue is recognized for financial reporting when it is both earned and received or receivable. Earned means that the company did what it should to receive the money - delivered the product or service the customer was purchasing. Received or receivable means that the company either collected money or reasonably expects to collect payment.
