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accounting entry for cash received for the sales of office uniform
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What are cash inflows?
Cash inflow is the money flowing in and out of a business within a given period of time. this can be predicted using a spreadsheet which will indicate the effects of changing fifures. Example of Cash inflow is: ■ Sales - amount to be received from selling good or service. ■ Cash from debtors. ■ Capital. ■ Lone from bank.
An increase in sales and profits generates the necessary cash required for economic growth?
An increase in sales and profits does not necessarily mean an economy will grow. The economy will only grow if the sales and profits are substantial in size.
Is total sales and the total revenue same thing?
Not always. There are sources of revenue other than sales. For example, a company with considerable cash assets may have some revenue from interest.
Describe circular flow model of an open economy?
it is a flow of cash between businesses,fims
What is advantage of cash crop?
The advantage of cash crop is that the farmers get cash price of their products sold to a middleman or MNCs engaging them. The cash price received by the farmers can be used for repayment of loan, for buying seeds, fertilizers etc.This enthuse the farmers to cultivate multiple crops in a year for monetary benefits.
Is Cash Discount received on cash sales?
Cash discounts are received on cash sales. The seller or provider often refers to the cash discount as a sales discount.
Why is revenue not cash in accrual accounting?
In accrual accounting not always all sales are made on cash basis that's why sales are shown when sales are made and not when actual cash received that;s why cash is not shown b'coz all cash is not received at the time of sales.
Actual cash received from cash sales was 9755.75. The cash register total was 9735.55. What is the journal entry to record cash receipts and cash sales.?
Cash 9735.75 Cash Short and Over 20.20 Sales 9755.75
Are cash sales an asset?
The cash derived from the sales would be the asset. While the term "cash sales" (as opposed to credit sales) may appear on an income statement or a cash flow statement in the plus column, the cash received would appear as an asset on the balance sheet or financial statement.
Does an increase in accounts receivable create a cash outflow?
Yes increase in accounts receivable creates cash outflow or reduction in cash as if instead of credit sales it would be cash sales then there would be cash received which increases the cash.
What accounts are affected when recording cash received from clients for fees earned?
Debit Cash and cash equivalents. Credit Revenues or Sales.
The effects on the basic accounting equation of performing services for cash are to?
Debit Cash Received Credit Income/Sales
What is journal entry for received cash for services sold?
[Debit] cash / bank xxxx [credit] sales xxxx
Do increase of notes receivable increase or decrease cash flow?
Increase in notes receivable reduces the cash flow because if sales are made in cash then cash will immediately increase but if sales are made on credit it means company has not received the cash and that's why it reduces the cash.
Is there unearned revenue in accrual accounting?
Yes unearned revenue is only available in accrual accounting because in cash accounting sales is considered as sales as soon as cash is received.
Does sales made on credit cause accounting profit and cash flow to differ?
Yes, because due to sales on credit sales are accounted for when they are occurred while cash is received in some future time that;s why accounting profit and cash flows differ due to recognition timing difference.
4 aspects to cash inflow to a business?
Sales - amount to be received from selling good or service. ■ Cash from debtors. ■ Capital. ■ Lone from bank.
