What is the GL entry when a company receives a payment from a customer? Debit revenue, credit customer Debit customer, credit revenue Debit bank, credit customer, credit accounts reconciliation account Debit accounts reconciliation account, credit bank Debit accounts reconciliation account, debit customer, credit bank

Q: returns some merchandise that had been purchased on account (accounts receivable), NetSolutions will…

A: when ever the goods are sold and purchased different type of document that are issued by the buyer…

Q: Identify which one of the following is a document issued by an individual to his or her bank,…

A: Instrument issued by the pay for operating the payment and receiving settlement. There are many…

Q: -What is the journal entry for recording credit sales? a. Sales Dr. and Accounts Receivable Cr b.…

A: Journal entry is an important and attentive process of accounting cycle through the help of journal…

Q: What account is credited when you record a credit memo for uncollectable receivables? A. Accounts…

A: A credit note is issued the reduce the amount of accounts receivable. Credit note reduce the…

Q: Question: 1. What is the correct source documents for credit purchase by business. 2. what is the…

A: Source Documents - Source Document is the document of proof for the transactions takes place.…

Q: Explain how does the trade credit is offered on open account.

A: Trade credit is the easiest and most important source of short-term finance available to businesses.…

Q: indicators that a company is doing an effective job at managing accounts receivable

A: Accounts receivable is the earnings of the company for which the payment has not been made by the…

Q: Morgan had net sales of $1,041,105 and average accounts receivable of $157,000. Its competitor,…

A: Accounts Receivable Turnover is the ratio between net sales and average accounts receivable. It is…

Q: How to record a credit invoice when the business has issued it but has not recorded it

A: Adjusting entries are recorded at the end of the accounting period to maintain the accrual base…

Q: How are sales to customers using credit cards recorded?

A: Net sales means the amount of revenue earned and cost of goods sold means the cost of goods which…

Q: Preparing Buyer Journal Entries Prepare journal entries to record the following transactions for…

A: Journal EntryMethod of recording financial transactions in the book of original entry by debiting…

Q: Briefly described the differences between a credit, charger , debit & smart card

A: Credit card is the types of plastic cards which are generally issued by the banks for purchasing…

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A: ACCOUNTS RECEIVABLEAccounts Receivable represents the amount which will be receivable from the…

Q: orrect source documents for direct deposit by customer of business X. option: a) invoice issued by…

A: Source Document - The existence of any financial transaction is indisputable evidence, according to…

Q: In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to…

A: In QuickBooks Online, a deposit is typically used to record the receipt of funds into a business's…

Q: accounting   When a company makes a sale on credit, what does the account receivable represent on…

A: The balance sheet represents the financial position of the business with assets and liabilities on a…

Q: Which of the following transactions will require a journal entry? Indicate if it will be a debit or…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: 7) When recording a customer credit card payment on account using QuickBooks, select: A) Create…

A: The following options are clearly evaluated to identify the same method of recording a credit card…

Q: A company that provides a service or product to a customer on credit has an __________ from that…

A: A goods or service sold on credit is treated as assets of the business as these are customer…

Q: When a company earns interest on a note receivable or on a bank account, the debit and credit are as…

A: Note Receivable:-It is a promissory note where the written promise to pay the amount at some future…

Q: In sap, Which of the following outgoing payments will not require manual entry of bank account? a.…

A: A financial transaction is an agreement or communication between a buyer and a seller to exchange…

Q: Indicate whether the general ledger accounts will be debited or credited when recording the…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: On a sales receipt, the account selected in the Deposit to field results in Sales Receipt Payment…

A:

Q: Which one of the following documents is used to record notes receivable? Register Voucher Promissory…

A: Note means an instrument acknowledging as debt due from one party to another party. It carry defined…

Q: What is the source documents for Payment made by the business X

A: Documents are very much essential for every transaction of the business and with those documents…

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A: Factoring is a type of service offered by finance companies in which the entity or company sells all…

Q: 1. Ahmed and Ali are partners in a small business. Their partnership agreement states that net…

A: In the context of the given question, we are required to compute the total allocation of net income…

Q: how is credit check in advance technology is different from credit check in basic technology

A:

Q: What section of FASB provide guidance on referral credit paid to customers?

A: FASB stands for "Financial Accounting Standards Board , which was established in the year 1973.It is…

Q: In QuickBooks Online, what is the purpose of creating a deposit as income? Select an answer: to…

A: In QuickBooks Online, a deposit is typically used to record the receipt of funds into a business's…

Q: What is the adjusting entry for Bank Reconciliation: Debit Memo- Cost of Checkbook

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Q: what is procedure to posting account payab

A: Answer : The cash disbursement Journal is an  Accounting Form used to record all the cash outflow.…

Q: Which account in the bank helps the customers to deposit and withdraw when they need it? a. Savings…

A: Introduction: Banks: Banks accepts deposits from customers and gives loans to who are needed. It…

Q: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

A: A written order for a bank or other financialinstitution to pay a stated dollar amountto a specified…

Q: What is the adjusting entry of Bank Reconciliation : Credit Memo- Proceed Bank Loan

A: Credit memo - proceed bank loan : A bank's credit memo is defined as the item where the bank account…

Q: what is procedure to posting account payable ledger in cash disbursements system

A: Accounts payable forms a part of current liabilities and represents the amount that the entity owes…

Q: Which of the following is the correct journal entry to record a sale to a customer on account?…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: Why do you think businesses extend credit to customers thereby creating accounts receivable?

A: Account receivable means where goods has been sold on credit and amount has not been received.…

Q: When a customer returns a product to Hartville Equipment that the customer purchasedon account,…

A: When a customer returns a product to Hartville Equipment that the customer purchased on account,…

Q: In which of the following transaction, bank account will be debited? O a. Purchased goods on cash O…

A: SOLUTION- Cash Deposit In To Bank is Simply Transfer the Cash From Location to Another , The Asset…

Q: For each transaction indicate whether it should:

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Q: What notice given to the customer explains that we may report ingormation to the credit bureaus

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Q: Could you answer the question through this journal I'm confused on where to input the information

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Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is