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When a check is received for the full payment of an AR account which of the following steps do you need to take?
Make sure that the customer account is credited and that cash is debited.
When payment is received for services not yet rendered no entry is recorded until that service has been rendered?
When payment received without services: Debit Cash / bank Credit Unearned revenue When services rendered: Debit Unearned Revenue Credit Services revenue
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
What account is credited when a payment is received from a customer?
Accounts receivable
Double entry on accounts receivable?
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
When a check is received for the full payment of an AR account which of the following steps do you need to take?
Make sure that the customer account is credited and that cash is debited.
When payment is received for services not yet rendered no entry is recorded until that service has been rendered?
When payment received without services: Debit Cash / bank Credit Unearned revenue When services rendered: Debit Unearned Revenue Credit Services revenue
What is the journal entry for payment of accrued expense?
debit accrued expensescredit cash / bank
What is money received?
Money received can be income, payment for services rendered, credit towards a debt, etc.
What account is credited when a payment is received from a customer?
Accounts receivable
Double entry on accounts receivable?
As an asset account, the accounts receivable (Sales Ledger Control) build up the debit side. So: First off, sales are credited the amount then the receivable account is debited the same amount. Once payment has been made then accounts receivable is credited and the bank is debited.
Advances from customers appear in the accouting?
If you are the seller and recieve an advance payment from a customer, it means you are owing the customer and as much a creditor. Your cash is debited and the customer ( Customer's deposit account) credited;
When services are rendered but payment is not made which account would be increased?
Accounts payable
What account would increase with a decrease in the inventory account?
The following will increase: Expense and Revenue Accounts Cost of Goods Sold - Credited Sales Revenue - Credited Balance Sheet Accounts Assets Accounts Accounts Receivable or Cash depending on payment terms will be debited
Is the payment of account payable affect of cash?
Yes, generally a payment towards an account payable affects cash. Unless by some odd chance you are bordering "trading item for item" then you pay with cash. Cash will be credited the amount paid while the account payable will be debited the same amount.
What does cwa Payment Method mean?
CWA stands for "Cash with Application." It is a payment method where payment is made at the time of application submission, rather than waiting for approval or processing. This method helps to ensure that payment is received upfront before any services are rendered.
How is an on line bill payment tracked when the payee claims it isn't received and the bank has debited the account anyway?
I sent a transfer of 50pounds with my details so i could put into a persons account but they not receive it
