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When the seller is paid the customer's account is.credited or debited?
debited
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
When the seller is paid the customer's account is what?
The customer's account is credited.
What is double entry treatment of DISCOUNT Allowed and Received?
Discount allowed: original entry made in the discount allowed column on the debit side of the cash book and at the end of the month debited(after balancing the cash book) in the nominal ledger. The credit entry is made in the personal account of buyer. Discount received: original entry made in the discount received column on the credit side of the cash book and at the end of the month credited(after balancing the cash book) in the nominal ledger. The debit entry is made in the personal account of seller.
Journal entry in financial accounting for purchase return?
Like sales discounts, sales returns and allowances reduce sales revenue. They also result in additional shipping and other expenses. Since managers often want to know the amount of returns and allowances for a period, the seller records sales returns and allowances in a separate account. Sales Returns and allowances is a "Contra (or offsetting) asset account to Sales. The seller debits Sales Returns and Allowances for the amount of the return or allowance. If the original sale was on account, the seller credits Accounts Receivable. Since merchandise inventory is kept up to date in a perpetual system, the seller adds the cost of the returned merchandise to the merchandise inventory account. The seller must also credit the cost of returned merchandise to the cost of merchandise sold account, since this account was debited when the original sale was made. What if the buyer pays cash and then later returns the merchandise. In this case the seller may issue a credit and apply it against other accounts receivables owed by the buyer, or the cash may be refunded. If the credit is applied against the buyer's other receivables, the seller records entries similar to those preceding. If cash is refunded for merchandise or for allowances, the seller debits sales returns and allowances and credits cash.
When the seller is paid the customer account is debited or credited?
credited
When the seller is paid the customers account is what?
The customer's account is credited.
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 the seller is paid the customer's account is.credited or debited?
debited
When a seller records a return of goods the account that is credited is?
When a seller records a return of goods, the account that is credited is typically "Sales Returns and Allowances." This account is a contra-revenue account that reduces the total sales revenue reported on the income statement. Additionally, the inventory account may be debited to reflect the return of goods to stock.
When seller paid the customer account is?
credited
When the seller is paid the customer's account is what?
The customer's account is credited.
What is the customer account when the seller is paid?
The customer's account is credited.
When the seller is paid the customers payment is?
When the seller is paid, the customer's payment is typically processed through a payment gateway or financial institution, which verifies the transaction and transfers the funds. Once the payment is confirmed, it is credited to the seller's account, completing the exchange. This process ensures that both parties fulfill their obligations in the transaction.
Why was the full sale amount not credited to my PayPal account after selling an item on eBay?
There is a "seller's fee" charged on transactions. You as the seller get what is left after deducting this fee from the amount the buyer payed.
When the seller is paid the customer?
credited
Responsible seller serves of alcohol must know when the law and their customers else what else must seller servers know?
Responsible seller servers of alcohol must know the law and their customers. And what else must seller-servers know?
