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What happens when cash is received in payment of an account?

Received cash from a customer as payment on account


What accounts affected in received payment on account?

"what accounts are affected and how when a payment on account is received from a customer


What account is credited when a payment is received from a customer?

Accounts receivable


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.


Is receiving payment from account customer a liability?

Because money is being received from customer we are not owing.


What does payment on account by a customer mean?

It means to make a partial of full payment without specifying an specific reason or invoice for the payment.


What is the journal entry for cheque received towards payment from customer?

Debit bankCredit accounts receivable


Discount received from the supplier or allowed to customer for making the early payment of due is termed as..?

Trade Discount


When a check is received for the full payment of an AR account?

When a check is received for the full payment of an accounts receivable (AR) account, the business records the payment by debiting cash and crediting accounts receivable. This action reduces the accounts receivable balance, reflecting that the customer has settled their debt. Additionally, it may involve updating financial records to ensure accurate reporting of cash flow and outstanding receivables. Proper documentation should be maintained for auditing and accounting purposes.


How is a cash payment received from a customer for a product purchased on account recorded?

debit to cash and credit to accounts receivable


How is recorded a cash payment received from a customer for a product purchased on account?

debit to cash and credit to accounts receivable


What is rompala clause?

ownership of goods does not change hands until full payment has been received