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: A law firm has billed their clients for services performed. They subsequently received payments from…

A: The journal entries are prepared to record the monetary transactions of the company.

Q: Which one of the four methods of payments creates an accounts receivable?   Select one:   a.…

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

Q: When a company makes a sale and accepts a credit card payment from a customer, the company: Multiple…

A: Increase in debits should be debited and increase in expenses should be debited. Increase in…

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: A customer of a Bank Nizwa wants to know about the accounting treatment of advancing loans to Public…

A: Introduction: Income statement: All revenues and expenses are shown in Income statement. It tells…

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: Sales-Related Transactions, Including the Use of Credit Cards Journalize the entries for the…

A:

Q: True Or False?  The entry to record a cash receipt from a customer when the service is to be…

A: The assets are debited and liabilities are credited.

Q: o meet immediate cash needs of the business b. To create an additional guarantee of collection c. To…

A: Factoring is a kind of financial transaction whereby the owner of the firm sells their receivables…

Q: It is an amount owed to suppliers for goods purchased or services performed on credit. O a. Accounts…

A: Accounts payable is credited when goods are purchased on credit. Unearned revenue is when cash is…

Q: TeleComm customer ADR circuits paid off an $9500 balance on its accounts receivable. TeleComm should…

A: Accounts receivable is the revenue that has been earned but the payment for the same has not been…

Q: Effective credit management involves establishing credit standards for extending credit to…

A: a) How a company handles its credit accounts, including methods of invoicing and collecting past-due…

Q: What is the name of the document used for recording credit sales

A: Credit sales means when goods and services are being sold to customers on credit basis and customers…

Q: Which among the following are transactions that are settled by immediate cash payment and cash…

A: Which among the following are transactions that are settled by immediate cash payment and cash…

Q: company that receives money in advance of performing a service:   Group of answer choices:

A: Money received in advance for performing a service : Money received from a customer for services to…

Q: A Credit Note would be issued by a business: A. as evidence of goods sold on credit. B. as reference…

A: Accounting refers to the process of recording, summarizing, interpretation the financial information…

Q: Which item will appear on the credit side of the ledger account? a. Salary b. Drawings c. Service…

A: All expenses, losses, and assets should be debited and all revenue, income, gain, and liabilities…

Q: Multiple choice: A sale is recognized and recorded in the accounting records at the time:…

A: Accounting records: The accounting records refer to the recording of assets, liabilities, equity…

Q: The entry to record collection of trade receivables under cash basis of accounting is A. debit to…

A: Under cash basis of accounting only cash transections are recorded such as cash collection, Cash…

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: what is the entry for purchase of supplies on account? * O debit supplies, credit cash O debit…

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

Q: The amount to be paid by the business to the supplier who supplied the material on credit is a.…

A: When Company purchased goods and services on credit from the supplier then it needs to be paid back…

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: Coasters Co. issued a note receivable to a customer. The customer made payment, principal and…

A: Bank reconciliation: It is a statement drawn up by the business to verify the cash book balance with…

Q: either the word "debit" or the word "credit." A. The Bank account normally has a B. A revenue…

A: Debits and credits seem to be the opposite aspects of an accounting journal entry. Whenever accrual…

Q: Under what circumstances would accounts receivable be posted as a credit balance : A. When the…

A: The different accounts in the business have different balance as debit and credit.

Q: The journal entry to record the sale of services on credit should include:(a) Debit to debtors and…

A: A journal entry is used to record day-to-day transactions of the business by debiting and crediting…

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

A: Bank reconciliation: Bank reconciliation is a statement which is prepared to reconcile the cash…

Q: A company repays its bank borrowings.  The entry to record that transaction should be Group of…

A: Borrowing means where business taken loan from outsider to be used in business and repaid later.

Q: A "receipt on account" results in a credit to: An A/P account Bank An A/R account Capital

A: Receipt on account means, cash received from previously made credit sales.

Q: The accounts receivable are sold to company known as a. Broker b. Factor c. Accounting service…

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

Q: The accounts receivable are sold to company known as a. Commission agent b. Accounting service…

A: Factoring is a financial transaction and a type of debtor finance in which a business sells its…

Q: When a cxompany extends credit directly to a customer for a purchase, the sale is recorded as a…

A: Sales can be in cash or credit. Cash sales amount is received immediately and credit sales amount is…

Q: S1: An expense item allocated by the home office to a branch is recorded by the branch by a debit to…

A: An expense item allocated by the home office to a branch is recorded by thebranch by a debit to an…

Q: When the customer pays the money to the company after the discount period, which one of the…

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

Q: 1. S1: An expense item allocated by the home office to a branch is recorded by the branch by a debit…

A: Hi Student Since there are multiple questions,we will answer only first question. If you want…

Q: When a customer pays in advance for products or services, which of the following accounts is…

A: We have the following question: When a customer pays in advance for products or services, which of…

Q: what is the entry for collection of receivable * O debit cash, credit accounts payable O debit cash,…

A: Account’s receivables can be defined as the payment which is yet to be received by the business in…

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: it is urgent  A promise received from a business's customers to pay for goods and services that…

A: Introduction Sales may be defined as the activity of exchanging goods and services for money. It may…

Q: Credit sales are recorded by crediting an account receivable for specific customer. True or false?

A: Lets understand the meaning of credit sales. Credit sales refers to transferring ownership of goods…

Q: Which item will appear on the credit side of ledger account?

A: General ledger:   General ledger is a book of original entry which records the accounting data in…

Q: Customer deposits (prepayments) are recorded - Select one: a. as debits to accounts receivable for…

A: Customer deposits decreases the accounts receivable.

Q: Effective credit management involves establishing credit standards for extending credit to…

A: Accounts receivable: When the seller sold the goods to the buyer on a credit basis of the specified…

Q: the company rendered services on account, what is the entry? O debit cash, credit service revenue…

A: Rendering services is called service revenue for the business. For services rendered, amount may be…

Q: Which of the following is the entry to be recorded by alaw firm when it receives a payment from a…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: The journal entry to record the sale of services on credit should include: a debit to Cash and a…

A: There are three golden rules in accounting for recording the transaction : Debit what comes in ,…

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