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What else can I help you with?
Why is it necessary for a business to keep records?
so that they can keep track of every transaction throught there business to prevent problems later on.
Is paying later for something you received today?
Yes, paying later for something you received today is a form of credit or deferred payment. It allows consumers to enjoy immediate access to goods or services while postponing the financial transaction. This practice can be beneficial for managing cash flow but may involve interest or fees depending on the payment agreement.
How does a cash transaction differ from a credit transaction?
A cash transaction is actually using money you have at the time ; A credit transaction is spending money that you don't actually pay immediately , but at a later date
What An accounts receivable transaction is first recorded?
An accounts receivable transaction is first recorded when a business recognizes a sale on credit, meaning the customer is allowed to purchase goods or services and pay for them at a later date. This transaction is typically documented by creating an invoice that details the amount owed and the payment terms. The business will then make a journal entry that debits accounts receivable and credits sales revenue, reflecting the increase in assets and income. This process ensures accurate tracking of money owed to the business.
What is the credit transaction?
Transaction that is settled with cash before or after the time of trade. dealings which you could pay for the good later.
Are there any options available for booking now and paying later for my reservation"?
Yes, there are options available for booking now and paying later for your reservation.
Arrangement of buying now and paying later?
Credit
Is credit card a cash transaction?
Purchase with a credit card is not considered a cash transaction, as the person making the purchase does not pay for the item until they pay their credit card bill, which may not occur until much later.
When should you pay rent again after paying for that month's rent?
a month later
How is a ledger or account book is maintained?
When a transaction occurs, a journal entry is made coinciding with this transaction. Later these transactions are posted from the journal to the ledger, then a trial balance is made to insure that the accounts are accurate and "balance".
How are the business transactions recorded in a general journal?
Business transactions are recorded in a general journal by documenting each transaction chronologically along with relevant details. Each entry typically includes the date, accounts affected, amounts debited and credited, and a brief description of the transaction. This method ensures a clear and organized record, which is later used to post entries to the appropriate accounts in the general ledger. The general journal serves as the initial point of entry for all financial transactions before they are summarized and organized.
Was electricity prevalent in New York for business and housing during the 1890's?
Yes it was prevalent for business and housing if you were rich. Street lamps were not electric until several years later. Slums had little to no electricity.
