Does the sender (maker) of a debit memorandum record a debit or a credit in the recipient’s account? What entry (debit or credit) does the recipient record?

Q: What is the purpose of the cash receipts journal?

A: MEANING : PURPOSE: It is used to track the sales of items while cash is being received, by…

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: Customer payments received in advance of the product or service being provided is recorded in which…

A: The company can collect advance from the customer before sale of the goods. This method of…

Q: Describe how debits and credits are used to analyse transactions.

A: Debits and credits are used to analyse transactions for changes in accounts made by one business…

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

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

Q: how to correct a credit invoice (issued by the business) has not been recorded at all?

A: When customers return goods due to various reasons like damaged goods within the warranty period,…

Q: How will the following items affect the pass book balance?  Direct payment by customer into the…

A: Pass book: A pass book issued by bank to its customers for the transactions carried out with bank…

Q: How do debits and credits work

A: Debit and credit entry are part of double entry book keeping system. This is used to make an entry…

Q: Describe Deposits and Advances from Customers.

A: Accounting:   Accounting is a system, or a process of collecting and organizing economic…

Q: Sales made to Ahmed on credit should be debited to.

A: The phrase "credit sales" alludes to the exchange of possession of products and services to a…

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

A:

Q: n which journal is the receipt of a promissory note from a customer on account recorded ? a.…

A: Revenue journal is used for recording sales income. When sales are made Revenue a/c is credited and…

Q: Why should cash receipts be deposited on the day of receipt?

A: Cash receipts refers to the money received in the form of cash on a specific date or during a…

Q: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

A: For each of the transactions, state which special journal (sales journal, cash receipts journal,…

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: If a journal entry includes a debit or credit to the Cash account, it is most likely which of the…

A: Answer:  If a journal entry includes a debit or credit to the Cash account, it is most likely an…

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

A: This statement is False The entry to  a record a cash receipt from a customer when the service is to…

Q: the customer of the details by issuing a sales invoice a. b. purchase invoice credit memorandum С.…

A: Note: Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: Why should purchases to credit customers and cash receipts from credit customers be quickly…

A: sales can be either cash sales or credit sales. Credit sales will have accounts receivables or…

Q: steps in posting from asales journal to an accounts receivable ledger

A: Sales Journal: A journal is a book of original entry where all journal entries are recorded on the…

Q: Why should cash receipts from credit clients and sales to them be instantly documented and posted?

A: Introduction: Accounting focuses on recognizing, documenting, measuring, and summarizing…

Q: When does Accounts receivable are created?

A: Current assets: The assets which could be converted into cash within one year like accounts…

Q: Are drawing a credit or debit

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: A credit memorandum will show the collection of a note receivable by the bar True False

A: A credit memo is a commercial document sent by a supplier to a customer indicating that the amount…

Q: Record a transaction money charged on a account

A: A transaction is the amount of value for a product or service. Regardless of when money is received…

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: 0 Confirmation of a credit may be given by______ A, the beneficiary at the request of the importer…

A: Banks provide credit to customers for doing business and this help to grow business.

Q: Why creditors control account may have debit balance

A: The creditor's control account displays the amount a firm has to give to the suppliers.

Q: why is a note receivable moved to accounts receivable prior to being written up and sent to…

A: Notes receivable indicates the promissory notes issued by the client for making due payment on a…

Q: What is a T-account? On which side is the debit? On which side is the credit? Where does the account…

A: Debits are recorded on the left and credits are recorded on the right side of a T-account with the…

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: Goods returned by customer will be debited to which account?

A: When a customer returns the goods sold to him it is called sales return i.e. it reduces the income…

Q: When you collected Accounts Receivables, your entry would include?

A: Accounts Receivable is shown as an asset in the books of accounts and has a debit balance. When the…

Q: Which accounts commonly requires both debit and credit entries?

A: Debit and credit sides are two sides of a general ledger account. Normally all assets and expenses…

Q: What is debit and credit account

A: Introduction: An account is a summary of the record of all business transactions. Account has two…

Q: How to identify the debit and credit amount for the general ledger

A: In order to balance the journal ledger both the debit and credit accounts to be balanced that is…

Q: Which of the following journal entry is correct for the transactions of goods returned by a…

A: When we make a sales to customer, we pass the following entry:- Trade receivables  Dr           To…

Q: Which pair of accounts has the same set of rules for debit and credit entries?

A: Modern Approach of Classification of Accounts Under the modern approach of accounting, accounts are…

Q: What is the basic information to recognize an account receivable?

A: Account receivable is a customer who has purchased the goods or has availed the services of a…

Q: Why should sales to and receipts of cash from credit customers be recorded and posted immediately?

A: Accounting is primarily concerned with identifying, recording, measuring, summarizing transactions…

Q: A formal written instrument of credit that has been received for the amount a customer owes is…

A: The written instruments includes voucher, promissory note, invoice, etc.

Q: What is a credit memo? When is it used?

A: Credit memo also known as credit memorandum or credit note  Credit memo is issued by the seller of…

Q: how do debits and credits work?

A: Debit and Credits: Debit and Credits are used as a basis of bookkeeping to book balance in the books…

Q: Which of the following account is debited when account payable is converted into note payable?…

A: Liabilities have a credit balance, So when liabilities converted then they should be debited.