SELLER CHARGES

Q: What are the basic entries to recognize an account receivable?

A: Solution- Accounts receivable (AR) is money that your customers owe you for buying goods and…

Q: Is Accounts Payable a credit, a debit, or both?

A: Current liability: It implies to the debt obligation that is to be repaid within a span of one year.…

Q: What would the credit terms of “2/10, n/EOM” mean?

A:

Q: Which of the following accounts is increased by the use of debit?

A: The Correct Answer is for accounts is increased by the use of debit:

Q: Give an example of accounts receivable.

A: The account receivables are also known with the name of debtors. These are the values due to a firm…

Q: he Accounts Question: Why should debits t

A: Debits to expense accounts should exceed the credits because expenses represent the costs incurred…

Q: How does credit scoring operate, and how are we as consumers and users of credit effected by it?

A: Credit Scoring - Credit scores are calculated with the help of the details of the old payment…

Q: What are credit terms?

A: Credit terms or terms of credit It is the vender purchaser agreement that rundowns the planning and…

Q: DO DEBITS AND CREDITS HAVE TO EQUAL ON A TRIAL BALANCE??

A: Trial balance: Trial balance is a summary of all the asset, liability, and equity accounts and their…

Q: Distinguish between accounts receivable and account payable.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Do the terms 'debit' and 'credit' signify increase or decrease or can they signify either? Explain.

A: Debit and credit are fundamental accounting terms used to record financial transactions in…

Q: What are the four elements of a credit policy? Briefly explain.

A: Following are the four elements of a credit policy: Credit standards: Consider potential clients by…