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Why a receipt of 300 cash on account was recorded as a 500 debit to accounts payable and a 500 credit to cash?
Do you mean that you paid $300 toward a bill you owed? If so, then Cash should have been credited the $300 and Accounts Payable debited by $300.
If $500 was entered, then it looks like someone just made a clerical error and the transaction should be fixed.
What else can I help you with?
Where are account receivable recorded?
receipt voucher
If some goods are damaged from a purchase order upon receipt the accounts payable department should receive a?
an invoice and debit memo
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
Why does a decrease happen in Accounts Receivable?
Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.
Which accounts are affected when the company provides services to a cash customer?
When a company provides services to a cash customer, the cash account increases due to the receipt of payment, while the service revenue account also increases, reflecting the income generated from the service. This transaction is recorded as a debit to the cash account and a credit to the service revenue account in the company's financial records. Additionally, there is no impact on accounts receivable, as the payment is received immediately.
Where are account receivable recorded?
receipt voucher
What types of events make the equipment account go up Are these debits or credits to equipment?
The purchase or receipt of equipment make the equipment (ASSET) account go up. The entry is a debit to equipment and a credit to cash or accounts payable.
If some goods are damaged from a purchase order upon receipt the accounts payable department should receive a?
an invoice and debit memo
In which journal is the receipt of a promissory note from a customer on account recorded?
The General Journal.
Why does a decrease happen in Accounts Receivable?
Decrease in accounts receivable happens on the account of receipt of payments, discounts given, or bad debts written off.
What is notes payable?
The phrase notes payable is a result of a purchase made by a business and is a form of receipt.
State five examples of business transactions?
Choose your favorite five: A sale of merchandise or services. A purchase of supplies or raw material. Receipt of a payment for an Accounts Receivable. Payment of a bill in Accounts Payable. Receipt of loan proceeds. Repayment of a loan. Issuance of a paycheck. Payment of employer taxes. Payment of income taxes. Purchase of a Fixed Asset.
What should the accounts payable department do if some goods from a purchase order are damage upon receipt and return to the supplier?
The accounts payable department should first document the damage by noting it on the receiving report and taking photographs if possible. Next, they should communicate with the supplier to initiate a return process and obtain a return authorization if required. After the return is processed, they should adjust the purchase order and invoice accordingly, ensuring that any credits or refunds are applied to their accounts. Finally, they should update their records to reflect the changes and confirm receipt of any replacements or refunds.
When do you need to credit accounts receivable?
Accounts receivable is an asset account and therefore debit in nature. If you were to credit it, you would reduce its balance. This would usually be done upon receipt of payment or when a receivable is written off.
Does iTunes send a receipt?
The iTunes store sends a receipt to the accounts registered email address.
I pay an account by cheque's get a receipt the checques get stolen am i still responsible?
If you paid an account with a check and received a receipt that you had paid that account, your part of the transaction is finished. What they do with the check after you walk away with the receipt is their responsibility.
What are the functions of the Integrated Accounts Payable System (IAPS)?
The Integrated Accounts Payable System (IAPS) streamlines the management of invoices and payments by automating processes such as invoice receipt, approval workflows, and payment disbursement. It enhances accuracy by minimizing manual data entry and errors, while also providing real-time tracking and reporting capabilities for better financial oversight. Additionally, IAPS improves vendor relationships through timely payments and clear communication, and it ensures compliance with financial regulations and policies. Overall, it increases operational efficiency and reduces costs associated with accounts payable management.
